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Thursday,  June 13, 2024 1:14 AM 

Luxury hotel market will reach $115B by 2025, report says


Luxury hotel market will reach $115B by 2025, report says
Expansion of hotel properties in U.S. by luxury hotel chains such as The Ritz-Carlton Hotel Company, pictured here, will also contribute to the market's growth.

The global luxury hotel market size is expected to reach USD 115.80 billion by 2025, according to a new report by Grand View Research, Inc.

According to the report, the luxury market is expected to grow significantly over the forecast period owing to increasing purchasing power of consumers and rising number of international as well as domestic tourists on business or leisure trips.

Further Key Findings

  • The business hotels segment is expected to dominate the market throughout the forecast period, due to a thriving business tourism sector and growing realization of the importance of rejuvenation.
  • The holiday hotels segment was valued at a little over USD 21.0 billion in 2017; the airport hotels segment accounted for a revenue share of close to 8.0% the same year.
  • North America is expected to retain its position as a key revenue generator by 2025 owing to increase in number of rooms. Expansion of hotel properties in U.S. by luxury hotel chains such as St Regis, The Ritz-Carlton Hotel Company, L.L.C., Four Seasons Hotels Limited, and Fairmont Hotels & Resorts will also contribute to the market's growth.
  • The Asia Pacific region is projected to expand at a CAGR of over 5.0% over the forecast period.
  • Key players in the market include Shangri-La International Hotel Management Ltd.; Marriott International, Inc.; Taj Hotels Palaces Resorts Safari; AccorHotels; and InterContinental Hotels Group.

To read the full report, click here.

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