The growing travel and tourism industry, rising disposable income, rising standards of living, and growing government investments in the tourism and hospitality sector are predicted to be the main drivers of the market for luxury hotels. For instance, the India Brand Equity Foundation (IBEF) estimates that between 2016 and 2026, travel and tourism will contribute an estimated 7.9% of India's GDP, placing it third out of 184 nations. In terms of revenue in 2018, the segment of business hotels accounted for the lion's share of the market for luxury hotels worldwide. The segment is anticipated to rise significantly throughout the forecasted period due to an increase in business travellers and rising business travel expenditures worldwide. Additionally, over the projected period (2019 to 2027), the Asia Pacific luxury hotel market is anticipated to have significant expansion. This is brought on by the rapidly growing travel and tourist industry and the increase in revenue from corporate travel in various nations.
Coherent Market Insights estimates that with a projected CAGR of 5.1% from 2022 to 2031, the market for Luxury Hotels worldwide, which was valued at $95,113.00 million in 2020, is expected to reach $160,481.23 million by 2031.
Key Companies in the Luxury Hotels Industry:
1. The Indian Hotels Company Limited
The business was established in 1899 and is based in Mumbai. The company oversees a variety of properties, including hotels, resorts, palaces, spas, and in-flight culinary services. The opening of The Yellow House, an IHCL Selections hotel in Anjuna, Goa, was announced by IHCL in April 2023. IHCL announced in March 2023 that their first ginger hotel would open in Chandigarh at Zirakpur.
2. InterContinental Hotels Group plc
The company was started in 2003 and is located in Denham, United Kingdom. A portfolio of hotel companies are owned and run by InterContinental Hotels Group PLC. The company oversees the priority club rewards and hotel loyalty programmes. On the grounds of the University of Virginia's Darden School of Business, Kimpton Hotels & Restaurants will debut The Forum Hotel in April 2023.
3. Rosewood Hotels & Resorts
The firm was founded in 1979 and has its main office in Hong Kong. The business manages and owns resorts and hotels. The iconic property underwent a three-year, meticulous transformation, which will be finished in nov. 2021, according to The Carlyle, A Rosewood Hotel. The historic Hong Kong private members' club Carlyle & Co. will open in June 2021, according to an announcement by Rosewood Hotel Group.
4. Oberoi Hotels & Resorts
The company was founded in 1934 and is based in Delhi. The business offers services for hotels, restaurants, clubs, spas, resorts, events, accommodations, meeting rooms, and airline catering. The Oberoi Centre for Learning and Development, one of Asia's leading institutions for hospitality education, is run by The Oberoi Group as well.
5. Jumeirah International LLC
The firm was started in 1997 and has its main office in Dubai, United Arab Emirates. A hotel is operated by Jumeirah Group LLC.The hotel offers a variety of eating options, cafes, bars, spas, rooms, and suites, as well as locations for gatherings including weddings and conferences. A luxury hotel chain controlled by the Emirati government is called Jumeirah Hotels and Resorts.
6. Hyatt Hotels Corporation
The company was founded in 1957 and is located in Chicago, Illinois, United States. The firm operates resorts, hotels, and vacation properties for both leisure and business travellers. In August 2021, Hyatt Hotels Corporation paid $2.7 billion in cash to affiliates of KKR and KSL Capital Partners to buy Apple Leisure firm (ALG), a luxury resort-management services, travel, and hospitality firm.
7. Marriott International, Inc.
The company was established in 1927 and is based in Maryland, United States. The business manages, franchises, and has licences for lodging properties, including hotels, homes, and timeshares. The business uncovered a data breach in February 2020 that resulted in the theft of 5.2 million clients' contact information.
*Definition: Luxury hotels are those that provide its visitors with opulent lodging. The luxurious hotels provide rooms with top-notch furnishings, unique interior designs, a television with an LCD screen, a coffee maker, and an efficient air conditioning system.
