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Luxury Hotels Market Enjoy Tremendous Growth Worldwide

Report Overview

The global luxury hotels market has made a sharp recovery out of the Lehman Financial Crisis the global effects of which was felt in the period 2009-2013. The economies that have recovered from the recession are the Africa, Asia-Pacific, Americas, Europe and Middle East and expects a noticeable growth rate of the luxury hotels market.

The predefined idea of luxury in hospitality sector is slowly but steadily undergoing major evolution. The target customer envisaged a picture of glamour and opulence in the accommodation offered by various luxury hotels globally. But now that has greatly changed to cater to an inspiration of comfortable class. Luxury hotel brands have taken notice of that and begun tweaking their service offerings in order to accommodate wider group of consumers.

Rise in the number of middle class population and huge economic growth have led to the increase in volume of tourists. The aforementioned class has rebuffed their expenditure in order to seek a quiet and luxurious atmosphere. Starwood, InterContinental Hotels, Hilton, Accor and Marriott are the leading brands in the international hospitality segment. Most luxury hotels offer an array of services such large deluxe guest rooms and suites having luxury bedding, grand work areas, high-speed internet capability, elegant executive lounge and outstanding spa.

The US led the luxury hotel market in terms of revenue and number. The US market for luxury hotels was valued at US$43.9 billion in the year 2013, followed by China, which has recorded US$20.6 billion in the year 2013, all valuations done in terms of revenue. Luxury hotel chains such as Starwood Hotels and Resorts, Marriott International, and Wyndham Group are wooing the prospective clients look for innovative ways to target their customer in a precise and elegant way. In terms of total revenue, Russia and Turkey were estimated to be the two largest luxury hotel markets in Europe in the year 2013. Other prominent destinations are the UK, France and Italy.

Enquire About Report:

There are many reports done by industry experts which tracks the developments and the growth prospects of the luxury hotels market. One such report is added by Big Market Research titled “The Global Luxury Hotels Market to 2018”. The report offers an in-depth market analysis, detailed market forecasts & segmentation and insights along with the business profiles of leading luxury hotels market spanning 40 countries.

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