The global luxuryhotel market size is8

The
global luxuryhotel market size is projected to reach USD 238.49 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period.According
to Fortune Business Insights™, the
value of this market was estimated to be USD
93.43 billion in 2020. This information is provided in its latest report,
titled “Luxury Hotel Market, 2021-2028”.

The
COVID-19 pandemic is proving to be detrimental to the luxury hotel market
growth as the pandemic has caused a sharp contraction in the demand for
hospitality services worldwide.

Lockdowns,
restrictions on non-essential travel, and falling incomes have led to several
conferences, gatherings, and events getting delayed or canceled. In view of
these dire circumstances, the market registered a drastic decline of 60.82% in 2020 and hit a value of USD 119.55 billion in 2021. 

Accor
to Open a Slew of Hotels in 2021

In
January 2021, Accor SA unveiled its packed schedule of hotel openings all
around the globe. The luxury hotel brand is set to inaugurate the Banyan Tree
Doha in Qatar and Raffles in Udaipur and Jeddah. Accor will particularly focus
on the opening of its hotels under its Fairmont brand. For instance, the
company will be opening the Fairmont Century Plaza in Los Angeles, Fairmont
Windsor in England, the Fairmont-managed hotel Carton House in Dublin, and the
Fairmont Ramla Riyadh in Saudi Arabia. The hotel behemoth also aims at
leveraging its strong portfolio of brands, sound financials, and a wide global
reach to rapidly strengthen its lifestyle category of hotels by 2023.

Chain
Segment to Chart an Impressive Growth Trajectory till 2028

Based
on category, the market has been divided into chain and independent. Here, the
chain segment is set to lead the luxury hotel market share with a comprehensive
share as hotel brands are rapidly establishing their chains in different parts
of the world to capture the rising demand for high-end hospitality services.
These brands are particularly focusing on building a robust presence in
emerging economies through partnerships with local tourism industry players. In
2018, for instance, Accor inked a deal with the South Africa-based hospitality
company, Mantis Group, to expand its footprint in Africa.

On
the basis of room type, the market has been categorized into luxury,
upper-upscale, and upscale. By geography, this market has been grouped into
North America, Europe, Asia Pacific, South America, and the Middle East &
Africa.

Traditional
Tourist Hotspots to Hold Attention of Key Market Players

The
key players in this market are making heavy investments in augmenting their
position in traditional tourism hubs, such as those in Europe and North
America. This strategy is principally aimed at catering to the luxury hotel
requirements of the high net worth individuals (HNWIs) in these regions.
Besides this, leading hotel chains are also eyeing the hospitality opportunities
being created by the growing middle-class populations in developing nations.

Information source: https://www.fortunebusinessinsights.com/luxury-hotel-market-104408