A luxury hotel is defined as a hotel that provides a luxurious accommodation experience to the guest. Luxury hotels, for the most part, do not have any set standards. Luxury hotels typically accommodate high paying guests and the services and dining are expected to be of high quality. Luxury hotels typically provide various guest amenities such as high-end spa treatments, personal trainers, laundry service and more.
Rising tourism and corporate industries across multiple regions, rising disposable income, rising people's standard of living, and increased interest in leisure travel are expected to drive the market. Inflationary pressures on purchasing power and living standards are two of the primary factors driving customers to luxury resorts. The hosting of sporting events by a city or country has also been identified as a significant factor driving demand for luxury accommodations. Sports teams and spectators travelling from various locations for the tournament tend to book their stays in luxury hotels, resulting in an increase in the number of bookings. Dominant players in the market are investing profoundly in infrastructure and upgrading their property with the latest accessories to enhance aesthetics and overall comfort offered to customers. There are certain restraints and challenges faced which will hinder the market growth. High costs of innovation and development is one of the anticipated restraining factors for the market.
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.
Large hotel chains are adopting various strategies such as expansions, and mergers & acquisitions, in order to maintain their competitive position in the global luxury hotel market. For instance, in Novermber 4, 2019, JW Marriott, a part of Marriott International, Inc., announced about the opening of JW Marriot Maldives resorts and spa in Vagaru Island, Maldives.
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