North America Luxury Hotel Market Insights Forecasts to 2033

• The North America Luxury Hotel Market Size was valued at USD 38.14 Billion in 2023.
• The Market Size is Growing at a CAGR of 8.7% from 2023 to 2033
• The North America Luxury Hotel Market Size is Expected to Reach USD 88.12 Billion by 2033

The North America Luxury Hotel Market Size is Anticipated to Reach USD 88.12 Billion by 2033, Growing at a CAGR of 8.7% from 2023 to 2033

Market Overview

A luxury hotel is one that offers a luxurious accommodation experience to its guests. There are no fixed standards (such as stars) for luxury hotels. 4 or 5-star hotels frequently describe themselves as 'luxury'. A high-end experience with a strong value proposition is part of the luxury hotel concept. Customers who stay in luxury hotels enjoy unique features and cutting-edge amenities. Also, it provides personalized, high-quality services delivered by professionals, making it a significant source of revenue for the entire hospitality industry. Luxury hotels cater to the customer's comfort and preferences by providing exquisite lodging as well as a variety of facilities such as a bar, spa, gym, swimming pool, barbecue, private beach with sunbeds, and other amenities. Depending on the needs of the traveler, a variety of hotels are available around the world, including suite hotels, business hotels, airport hotels, spa hotels, and vacation hotels. The introduction of low-cost airline services, the expansion of weekend culture, rising disposable income, and a thriving service industry are all expected to propel the market. One of the primary factors attracting people to luxury resorts is an increase in purchasing power and standard of living. The rising demand for regal lodgings for a variety of functions, such as corporate events and corporate stays, will be a major driver of growth in the North America luxury hotel market during the forecast period.

Report Coverage

This research report categorizes for the North America luxury hotel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America luxury hotel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America luxury hotel market.

Driving Factors

Wealthy consumers primarily use luxurious services, so the ever-increasing wealthy populations around the world are likely to drive market growth. Also, high-net-worth individuals frequently seek exclusive and luxurious experiences when traveling. Luxury hotels meet this demand by providing high-end amenities, personalized services, and exquisite accommodations that appeal to wealthy travelers seeking opulence and sophistication. Also, the luxury hotel industry in North America is massive because the most popular tourist destinations are here, and increased international tourism to North America has boosted the industry. More international sports events, trade fairs, and exhibitions are likely to attract tourists from other countries while also moving them within the country. The luxury hotel market has been steadily expanding due to changes in people's lifestyles and the growth of the travel and tourism industries.

Restraining Factors

The rise of low-cost lodging facilities to share High hotel rates, combined with the rise of affordable shared housing options such as Airbnb in low-income countries, are expected to stymie market growth. Also, the increasing number of midscale and low-cost hotels in several countries in the region will hinder market growth.

Market Segmentation

The North America luxury hotel market share is classified into room type and category.

• The upper-upscale segment is expected to hold the largest market share through the forecast period.

The North America luxury hotel market is segmented by room type into luxury, upper-upscale, and upscale. Among these, the upper-upscale segment is expected to hold the largest market share through the forecast period. The growing trend of affordable luxury services is likely to increase foot traffic in upscale hotels, making it a dominant segment in the luxury hotel market.

• The chain segment is expected to dominate the North America luxury hotel market during the forecast period.       

Based on the category, the North America luxury hotel market is divided into chain, and independent. Among these, the chain segment is expected to dominate the North America luxury hotel market during the forecast period. The dominance of the chain segment is due to the chain hotels are widely distributed around the world; they account for a sizable portion of the North America luxury hotel market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America luxury hotel market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2022, Choice Hotels acquired Radisson Hotel Group Americas. The transaction was worth approximately $675 million, and Choice Hotels acquired nine new brands, 624 hotels, and more than 67,000 rooms.

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