Luxury hotels are the hotels that offers luxurious accommodations to their guests. The luxury hotels offers room with high quality furnishing, exclusive design interiors, and are equipped with flat-screen TV, coffee maker, and effective AC system. These luxury hotels also offer quality food services. Various types of luxury hotels include business hotels, airport hotels, suite hotels, resort & spa, and golf & ski hotels. Rising growth of the travel and tourism industry across the globe is expected to drive growth of the luxury hotels market over the forecast period (2019-2027).
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Luxury hotels market is expected to be driven by the rising growth of the travel & tourism sector, rising disposable income, increasing standards of living, and increasing government investments in tourism & hospitality industry. For instance, according to the India Brand Equity Foundation (IBEF), India was ranked third amongst 184 countries in 2016, in terms of travel and tourism’s total contribution to GDP and is expected to grow by 7.9% annually during 2016 to 2026.
Based on hotel type, business hotels segment accounted for the largest share in global luxury hotels market, in terms of revenue in 2018. The segment is expected to witness significant growth over the forecast period, owing to rising number of business travelers and surging business travel spending globally.
On the basis of hotel type, the global luxury hotels market is segmented into:
Resorts & Spa
On the basis of operating channel, the global luxury hotels market is segmented into:
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Major companies operating in the global luxury hotels market include The Indian Hotels Company Limited, InterContinental Hotels Group plc, Rosewood Hotels & Resorts, Oberoi Hotels & Resorts, Naman Retreat, Jumeirah International LLC, Shangri-La International Hotel Management Ltd., Hyatt Hotels Corporation, Accor S.A, Hilton Hotels & Resorts, and Marriott International, Inc.
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