Global Luxury Hotel Market

Global Luxury Hotel Market Size, Share, Growth Analysis, By Type (Business Hotels, Resorts & Spa), By Category Type (Chain, Independent), By Room Type (Luxury, Upscale), By Region -Industry Forecast 2024-2031

Report ID: SQMIG25O2025 | Region: Global | Published Date: November, 2024
Pages: 175 | Tables: 91 | Figures: 70

Luxury Hotel Market News

  • In October 2024, Hyatt, a leading name in the luxury hotel and hospitality business announced the launch of a new venue for events in Mumbai, India. The Grand Showroom is a luxury venue capable of being customized as per customer requirements for high-profile events such as parties and marriages
  • In November 2024, InterGlobe, a leading name in the hospitality business from India announced the launch of a new luxury hotel under its Miiro brand in the European region. The launch of The Mansard in Gstaad, Switzerland is aimed at providing alpine luxury to its customers.
  • In November 2024, IHG, a renowned British multinational hospitality organization signed an agreement with Adyar Gate Hotels. Under this agreement the companies are expected to launch InterContinental Kodaikanal Resort in 2028 to expand their presence in the South Indian region.
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Global Luxury Hotel Market size was valued at USD 93.6 Billion in 2022 and is expected to rise from USD 97.44 Billion in 2023 to USD 134.38 Billion by 2031, at a CAGR of 4.1% during the forecast period (2024–2031).

Expansion of hotel chains and establishment of new hotels in different parts of the world are expected to be prime priorities of luxury hotel companies. Providing additional services apart from good accommodation is projected to help luxury hotel companies stand out from the competition. Investing in training of staff and acquisition of unique locations for hotels are also expected to be prominent strategies for luxury hotel companies going forward. 'Four Seasons Holdings Inc.', 'The Luxe Life Hotel', 'Intercontinental Hotels Group', 'Marriott International Inc.', 'Hyatt Corporation', 'ITC Hotels Limited', 'Shangri-La International Hotel Management Ltd.', 'Jumeirah International LLC', 'The Indian Hotel Companies Limited', 'Accor', 'Belmond Management Limited', 'Mandarin Oriental Hotel Group Limited', 'Rosewood Hotel Group', 'Radisson Hotel Group'

Increase in Global Tourism Activity

Eco-Luxury and Sustainability: Luxury hotel companies should focus on incorporating sustainability in their business to attract eco-conscious customers going forward. Acquiring green certifications, utilizing renewable energy, and implementing waste-reduction programs can help luxury hotels stand out from their competition and generate new business scope going forward. This luxury hotel market trend is expected to become more prominent as emphasis on sustainability rises globally.

North America is expected to hold sway over the global luxury hotel market outlook in the future. The presence of multiple luxury hotels in this region and high domestic as well as international tourism activity are expected to maintain its dominance in this region. Growing spending on leisure activities and increasing number of international travelers visiting unique locations in Canada and the United States are bolster the popularity of luxury hotels in this region. High spending potential of North American people and their preference for luxury are also expected to boost the business of luxury hotels in the long run.

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Global Luxury Hotel Market

Report ID: SQMIG25O2025

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