North America Luxury Hotel Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

North America Luxury Hotel Market Definition:

A high-end experience with a strong value offer is part of the luxury hotel idea. Customers staying at luxury hotels are given unique features and cutting-edge amenities. Additionally, it offers personalised, high-quality services that are performed by professionals, making it a major source of income for the whole hospitality sector. According to the comfort and preferences of the customer, luxury hotels offer exquisite lodging as well as a variety of facilities, including a bar, spa, gym, swimming pool, barbecue, private beach with sunbeds, and other amenities. Depending on the needs of travellers, several types of hotels are accessible all over the world, including suite hotels, business hotels, airport hotels, spa hotels, and vacation hotels.

 

Further, the North America Luxury Hotel market is segmented by Type, Room Type, Category, and Geography. On the basis of Type, the North America Luxury Hotel market is segmented under Business Hotels, Airport Hotels, Suite Hotels and Resorts. Based on the Room Type, the North America Luxury Hotel market is segmented under the channels Luxury, Upper-Upscale and Upscale. Based on the Category, the North America Luxury Hotel market is segmented under the channels of Chain and Independent. By geography, the market covers the major countries in North America i.e., US, Canada and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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North America Luxury Hotel COVID 19 Insights:

The luxury hotel market lost money in 2020 as a result of the COVID-19 epidemic's sharp reduction in tourism. The COVID-19 pandemic outbreak has had a negative impact on the tourism and travel sectors. The installation of social segregation, rules encouraging homebound behaviour, and travel restrictions on a large scale have all impeded the growth of the luxury hotel market. Per research by the American Hotel and Lodging Association 2021, hotel occupancy decreased from 66.6% to almost 40% compared to the prior year. As a result, the pandemic is forecast to result in a sizable fall in the hotel sector, but, over the following several years, the business is forecast to regain its former growth trajectory.

 

North America Luxury Hotel Market Dynamics:

The growth of the travel and tourism market as well as shifting standards of living have fuelled the market trends for luxury hotels to increase steadily. Luxury hotel demand varies by property type and is impacted by elements including location, size, and on-site properties. The advent of low-cost airline services, the growth of weekend culture, rising disposable income, and the thriving service industry are all forecast to propel the market. One of the main factors luring people toward luxury resorts is the increase in spending power and standard of living. One of the main drivers propelling growth of the luxury hotel market during the forecast period is the rising demand for regal lodgings for a variety of functions, such as corporate events and corporate stays.

 

Restraints:

The emergence of lower-cost accommodation facilities to share High hotel rates combined with the rise of inexpensive shared housing options like Airbnb in low-income nations are forecast to stymie market growth. Additionally, the growth of the market will be hampered by the rising number of midscale and cheap hotels in several countries in the region.

 

North America Luxury Hotel Market Segment Analysis:

By Room Type, to help the upscale segment dominate, premium services are provided at a reduced price. The rising popularity of low-cost luxury services is forecast to boost business at upmarket hotels and position them as market leaders. Depending on the style of accommodation, visitors can choose from a range of options of varying quality. Players who provide resort services below the upscale and luxury sectors are employing a variety of techniques, such as alliances and acquisitions, that may be targeted at increasing their market share.

 

 

By Category, with more branded hotel chains supporting it, the chain category will have the largest market share. The market is separated into series and independents according to category. Because chain hotels are so prevalent around the world, they account for a sizable portion of the industry. Chain hotels are concentrating on broadening their horizons and bolstering their presence in profitable parts of the region.

 

North America Luxury Hotel Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the europemarket, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the North America Luxury Hotel market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Luxury Hotel market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Luxury Hotel Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the North America Luxury Hotel market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Luxury Hotel market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Luxury Hotel market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the North America Luxury Hotel market. The report also analyses if the North America Luxury Hotel market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Luxury Hotel market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Luxury Hotel market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Luxury Hotel market is aided by legal factors.

 

North America Luxury Hotel Market Scope:

 

North America Luxury Hotel Market		Market Segmentation
Market Indicators:	Details	by Type	Business Hotels Airport Hotels Suite Hotels Resorts
Historical Data:	2018-2022	by Room Type	Luxury Upper-Upscale Upscale
Forecast Period:	2024-2030	by Category	Chain Independent
Base Year:	2023
CAGR:	10 %
Market Size in 2023:	USD 57.83 Billion
Market size in 2030:	USD 112.70 Billion

 

North America Luxury Hotel Market Key Players: 

• Marriott International, Inc. (Maryland, U.S.)
• Hilton Hotels & Resorts (McLean, U.S.)
• Hyatt Hotels Corporation (Chicago, U.S.)