North America Luxury Hotel Market Size To Worth USD 88.12 Billion By 2033 | CAGR of 8.7%
Category: Consumer GoodsNorth America Luxury Hotel Market Size To Worth USD 88.12 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the North America Luxury Hotel Market Size is to Grow from USD 38.14 Billion in 2023 to USD 88.12 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.7% during the projected period.
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Browse key industry insights spread across 220 pages with 120 Market data tables and figures & charts from the report on the "North America Luxury Hotel Market Size, Share, and COVID-19 Impact Analysis, By Room Type (Luxury, Upper-Upscale, and Upscale), By Category (Chain and Independent), and North America Luxury Hotel Market Insights, Industry Trend, Forecasts to 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/north-america-luxury-hotel-market
A luxury hotel provides its visitors with an opulent lodging experience. For luxury hotels, there are no set criteria (like stars). The term 'luxury' is often used to denote hotels with four or five stars. A component of the luxury hotel idea is an upscale experience with a compelling value proposition. Modern amenities and distinctive characteristics are enjoyed by guests staying at luxury hotels. Since luxury services are predominantly used by wealthy clients, market growth is anticipated to be driven by the world's growing affluent population. Additionally, wealthy people usually look for upscale and exclusive travel experiences. In order to satisfy this need, luxury hotels offer upscale facilities, individualized attention, and stunning lodgings that appeal to affluent tourists looking for elegance and refinement. Additionally, the North American luxury hotel business is booming due to the region's popularity as a travel destination and the rise in foreign travel to the region. However, the expansion of the market will be impeded by the growing number of midscale and low-cost hotels in various countries in the region.
The upper-upscale segment is anticipated to hold the greatest share of the North America luxury hotel market during the projected timeframe.
Based on the room type, the North America luxury hotel market is divided into luxury, upper-upscale, and upscale. Among these, the upper-upscale segment is anticipated to hold the greatest share of the North America luxury hotel market during the projected timeframe. Upscale hotels will become a prominent section of the luxury hotel market as a result of the growing trend of reasonably priced luxury services, which is expected to boost foot traffic.
The chain segment is anticipated to dominate the North America luxury hotel market during the projected timeframe.
Based on the category, the North America luxury hotel market is classified into chain and independent. Among these, the chain segment is anticipated to dominate the North America luxury hotel market during the projected timeframe. The chain hotels' global reach and substantial market share in the North America luxury hotel market are the main reasons for the chain segment's dominance.
Major vendors in the North America luxury hotel market include Marriott International Inc., Hyatt Corporation, Ritz-Carlton Hotel Company LLC, Rosewood Hotels & Resorts, Hilton Worldwide, Wyndham Hotels & Resorts, Trump International Hotel and Tower, Radisson Hotels, Four Seasons Hotels and Resorts, Fairmont Hotels and Resorts, and Others.
Recent Developments
- In March 2024, Hong Kong have access to Autograph Collection Hotels due to a partnership between Victoria Park Hotels and Marriott International.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America luxury hotel market based on the below-mentioned segments:
North America Luxury Hotel Market, By Room Type
- Luxury
- Upper-Upscale
- Upscale
North America Luxury Hotel Market, By Category
- Chain
- Independent
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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