The luxury hotels market is expected to exhibit high growth over the next seven years as a consequence of the flourishing travel and tourism business. The hotel industry’s evolution can be traced back to generic rooms with beds and basic dining. Contemporary hotels have 5-star accommodations, exotic dining and recreational amenities such as Jacuzzi tubs, parks, spa, and swimming pools. In a bid to be competitive, luxury hotels offer additional services such as art rooms, banquet halls, convention halls, and fitness gyms.
The presence of a prosperous corporate culture courtesy of the growing impact of corporate sector on both, national and international economies is expected to play a pivotal role in market growth. Increasing disposable incomes in several parts of the world is expected to augment luxury hotels’ reservations. Damages caused by unforeseen circumstances such as natural disasters and terrorist threats have severely crippled several hotels and continue to be lurking hindrances for market growth.
Regions with emerging corporate avenues and tourism are expected to drive the luxury hotels market growth. In the U.S., New York and Washington account for a significant share of hotel bookings. High popularity of football leagues in Europe attracts several people from all corners of the globe annually, thereby increasing luxury hotel reservations from players, support staff and fans. Flourishing tourism industries in European countries such as Switzerland, Italy, the Netherlands, and Spain have significantly driven the luxury hotels market. The luxury hotels industry in Asia Pacific is expected to witness significant growth on account of increasing disposable incomes. In the Middle East, political issues in countries such as Egypt, Morocco and Tunisia are expected to keep investors away. The Arab spring revolution-induced political instability, violence and unrest have affected the market in the Middle East countries, especially Egypt.
Key vendors in luxury hotels market include Sheraton, Hilton, Starwood Hotels & Resorts Worldwide, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, InterContinental Hotels Group, Marriott International, and Banyan Tree Holdings Limited.
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