LUXURY HOTEL MARKET STILL ON THE RISE
Amid the COVID-19 crisis, the global market for Luxury Hotels estimated at US$174.9bn in the year 2020, is projected to reach a revised size of US$209.3bn by 2027, growing at a CAGR of 2.6% from 2020-2027.
The forecast was made in a new report by ResearchandMarkets.com entitled “Luxury Hotels – global market trajectory and analytics”.
Business Hotels, one of the segments analysed in the report, is projected to record a 3% CAGR and reach US$104.6bn by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Suite Hotels segment is readjusted to a revised 1.7% CAGR for the next 7-year period.
The Luxury Hotels market in the US is estimated at US$47.3 Billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$42.1bn by the year 2027 trailing a CAGR of 4.9% over the analysis period 2020 to 2027.
Photo – top of page – Park Hyatt, London River Thames