Luxury Hotels Market Size and Forecast, Key Trends, Company Profiles, 2023 Update
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Luxury Hotels Report Overview
Luxury hotel revenue was $224.30 billion in 2022. Since the global COVID-19 pandemic impacted the tourism industry, the lodging industry was directly impacted as well, causing a decline in revenue during 2020. In 2021, travel started to ease up as the pandemic situation began to improve, and there was an increase in revenue which continues till 2022. The decrease in COVID-19 travel restrictions has led to a growing number of travelers who want to enjoy and experience luxury products and services during their upcoming trips, the rise of online booking platforms, and increasing travel and tourism, which have become the major contributors to the growth of luxury hotel revenue during 2022. Additionally, technology is helping hotel companies increase their customer base by better understanding their requirements.
The luxury hotels research report provides an in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the luxury accommodation market. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the market’s leading players and looks at how companies can better meet their customers’ needs.
Market Revenue (2022) | · $224.30 Billion |
Key Regions | · Americas
· Asia-Pacific · Europe · Middle East and Africa |
Key Countries | · China
· US · Mexico · Saudi Arabia · UAE · Turkey · Italy · Japan · Russia · Greece |
Key Companies | · InterContinental Hotels Group Plc
· Shangri-La Asia Ltd · Marriott International Inc · Four Seasons Hotels and Resorts · Banyan Tree Holdings Limited · Hyatt Hotels Corporation |
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Luxury Hotels Market Trends
- Despite an economic slowdown, business travel has started to show signs of recovery with moderate but continued increase in travel rates. An increasing number of professionals are now working remotely or in hybrid settings and enjoying greater flexibility in their schedules. Hence, there has been a noticeable surge in bleisure travel that seamlessly blends business and leisure, allowing individuals to make the most of their trips.
- Travelers are increasingly seeking opportunities to immerse themselves in the local way of life, their cultures, and cuisines. Hence, there is a growing demand among luxury travelers for travel packages that are tailored to individual preferences and offer one-of-a-kind experiences specific to the people.
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Luxury Hotels Market Segmentation by Regions and Countries
In 2022, the Asia-Pacific sustained its top position as the largest luxury hotel market.
The key regions in the luxury hotels market are the Americas, the Asia-Pacific, Europe, and the Middle East and Africa. Asia-Pacific was followed by Europe as the second-largest luxury hotel market. China is the largest luxury hotel market in the Asia-Pacific. With the increase in business travel in the country and a record-high number of new projects in the hotel construction pipeline, the recovery of the Chinese luxury hotel market looks promising. Leisure travel is the major driver for luxury hotel revenue growth in the Asia-Pacific region.
The top countries in the luxury hotels market besides China are the US, Mexico, Saudi Arabia, the UAE, Turkey, Italy, Japan, Russia, and Greece. Territories like Saudi Arabia and the United Arab Emirates have developed their focus on attracting tourists with new architecture and attractive destinations. The countries are also focusing on technological development and sustainability in the tourism sector.
Luxury Hotels Market Analysis by Regions, 2022 (%)
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Luxury Hotels Market – Competitive Landscape
Some of the key companies associated with the luxury hotels market are:
- InterContinental Hotels Group Plc
- Shangri-La Asia Ltd
- Marriott International Inc
- Four Seasons Hotels and Resorts
- Banyan Tree Holdings Limited
- Hyatt Hotels Corporation
InterContinental Hotels Group Plc (IHG): It is a provider of hospitality services. The company owns, manages, leases, and franchises hotels and resorts. Its hotels offer accommodation, dining, lounges, pool bars, business services, wellness services, and meeting and event spaces. It also provides a hotel loyalty program. The company has operations in the Americas, Europe, the Middle East, Asia, and Africa. IHG is headquartered in London, the UK.
Luxury Hotels Market Analysis by Companies, 2022
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Luxury Hotels Market –Latest Developments
- In June 2023, leading lodging and hospitality real estate investment trust Ryman Hospitality Properties, Inc. announced the acquisition of JW Marriott San Antonio Hill Country Resort & Spa (“JW Hill Country”) in San Antonio, Texas. This will be an addition to Ryman’s portfolio of group-oriented hotels.
- In May 2023, leading vacation ownership company and partner of IHG Hotels & Resorts (IHG), Holiday Inn Club Vacations Incorporated, announced that it acquired four scenic beachfront resorts located in Mexico from Royal Resorts, a pioneer in the Mexican Caribbean tourism industry.
Key Highlights
- In overall luxury hotel revenue during 2022, the majority of overall revenue was contributed by Asia-Pacific, followed by the European region. During 2022, China ranks in the first position with the highest revenue within the Asia-Pacific region. After China, Japan ranked in second place with the second-highest luxury hotel revenue.
- Due to the increase in demand for hotels, the overall luxury hotel revenue in the Americas exceeded its pre-pandemic level. The US is the major contributor to luxury hotel revenue in the Americas.
- During 2022, Costa Rica had the highest room occupancy rate, followed by Colombia.
- Overall luxury hotel revenue in the Middle East & Africa region exceeded the pre-pandemic level of revenue in 2022.
Reasons to Buy
- Understand the impact of COVID-19 on this market.
- Gauge which are the biggest and most promising regional markets for the luxury accommodation market.
- Understand the demand-side dynamics within the industry to identify key trends and growth opportunities.
- Gain an understanding of the outlook for regional markets and learn from existing successes and our recommendations.
Shangri-La Asia Ltd
Marriott International
Four Seasons
Banyan Tree Holdings
Hyatt Hotels
Table of Contents
Figures
Frequently asked questions
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What was the revenue of the luxury hotels market in 2022?
Luxury hotel revenue was $224.30 billion in 2022.
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Which was the leading region in the luxury hotels market in 2022?
In 2022, Asia-Pacific was the leading region in the luxury hotels market.
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What are the key companies associated with the luxury hotels market?
Some of the key companies associated with the luxury hotels market are InterContinental Hotels Group Plc, Shangri-La Asia Ltd, Marriott International Inc, Four Seasons Hotels and Resorts, Banyan Tree Holdings Limited, and Hyatt Hotels Corporation.
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