Global luxury hotel market continued to expand in 2015, supported by growing tourism and a rise in affluent leisure and business travelers. Rising disposable incomes in areas China and India, the presence of rich corporate culture, and a growth in the number of international events are expected to drive the growth in future.
China is the largest market for luxury hotels with room supply of 337,212 in 2015, followed by the US and Mexico, while Saudi Arabia was the fastest growing market at a CAGR of 12.5%. In terms of occupancy rate, Asian countries led the race with Japan (93.6% in 2015) at the top, followed by Hong Kong and Singapore. Egypt (US$317 in 2015) topped the list in terms of RevPAR, followed by Hong Kong and France.
In 2015, Thailand was the fastest-growing market in terms of number of guests received in luxury hotels in the Asia-Pacific. After registering a steep decline in international arrivals in 2014 following the political unrest in the country, Thailand’s inbound tourism posted strong growth in 2015, as there was stability in the political domain. Inbound trips grew by 20% in 2015. Thailand is also the second-largest market in terms of luxury room supply in Asia.
Considering the rise of the tourism in Asia-Pacific, hoteliers are planning to expand in the region. According to United Nations World Tourism Organization (UNWTO), overall, the region saw 277 Million international arrivals in 2015 and 9% growth in the first four months of 2016. This growth has led the InterContinental Hotels Group (IHG) Plc to plan expansions in the region by adding new luxury hotel chains, either by developing its own brand or by acquiring a competitor.
The report “The Global Luxury Hotels Market To 2020” provides detailed information on global luxury hotels industry and analyzing market data. Moreover, this report provides insights for the following:
• Provides detailed analysis of historic and forecast revenue of global luxury hotels market covering 40 countries.
• Detailed analysis, region-wise (Americas, Asia-Pacific, Europe, Middle East & Africa),of luxury hotels’ key performance indicators such as the number of hotel establishments, number of rooms, occupancy rate, room nights available, room nights occupied, average room revenue per available room, average room revenue per occupied room, average total revenue per available room, total room revenues, total non-room revenues, total revenues, and number of guests for the historic (2011–2015) and forecast periods (2016–2020).
• Provides brief analysis of markets trends in key luxury hotels’ markets.
Companies mentioned in this report: InterContinental Hotel Group Plc, Shangri-La Asia Limited, Starwood Hotels & Resorts Worldwide, Hyatt Hotels Corporation, Raffles Hotels & Resorts, Anantara Hotels, Resorts & Spas, Rezidor Hotel Group, Four Seasons Hotels Limited, Rotana Hotel Management Corporation PJSC, Banyan Tree Holdings Limited.