Unlike in the past, China's hotel industry is currently largely driven by domestic tourism. China's upscale hotel segment is struggling with oversupply. The mid-scale and budget segments are projected to show strong growth going forward. The mid-scale segment is likely to be driven by an expanding middle class.
Snapshot The healthy growth of the travel and tourism industry is allowing the global luxury hotels market to gain significant momentum. Rapid globalization and urbanization along with rising disposable are encouraging people to travel for vacations and business purposes, which in turn is escalating the development of the hotel industry worldwide.
Branding and promotions play a critical role in the growth of the market. In order to suit the constantly changing consumer requirements, luxury hotels are constantly trying to enhance their services.
Their owners are paying high attention to implementing new services, including complimentary services and customization of rooms, with properly trained hotel staff in order to satisfy customers.
Moreover, as people are becoming increasingly brand conscious, successful branding and marketing can increase the awareness and affinity of consumers and in turn loyalty.
Apart from this, the increasing organization of international events is providing a tremendous boost to the luxury hotels market.
Business Hotels to Remain Most Prominent Segment through On the basis of type, the global luxury hotels market is divided into suite hotels, business hotels, resorts, airport hotels, and others, which include service apartments, casino hotels, and conference and convention centers.
The growing number of multinational companies and rapid globalization are contributing to the growth of the segment. Apart from this, aggressive branding and marketing strategies undertaken by existing players are also anticipated to boost the popularity of business hotels.
The segment will be closely trailed by airport hotels. The target consumers of this type of hotel are airline passengers with overnight layovers or cancelled flights, airline crew and staff, and business clientele. The increasing air traffic is supplementing the growth of the airport hotels segment.
Resorts will be the most promising segment during the forecast period. The growing popularity of all-inclusive resorts along with the rising spending power is providing a significant push to the segment.
North America will continue to be the frontrunner in the global market until The growth of the region can be attributed to the high disposable income and change in consumer lifestyles. The increasing inclination towards all-inclusive resorts is also propelling the luxury hotels market in the region.
Europe will also hold a prominent position in the global arena, thanks to the rising spending power of the populace. Besides this, the highly lucrative travel and tourism industry in the region is positively impacting the European luxury hotels market.
The growth of the region is largely driven by the growing disposable income and rapid infrastructural development.
The demand for luxury hotels in regions in Rest of the World is augmented by the rising number of international events and the improving standard of living. Some of the prominent chain of luxury hotels around the world are Four Seasons Holdings Inc.
Luxury travel is one the fastest growing niche markets, making a serious contribution to sectors such as food and wine and cultural tourism. This positive trend indicates that the global luxury hotels market is here to stay, due to changing consumer demands and upgrading of services by hoteliers across the world.
A crucial component supporting the growth of the global luxury hotels market is the rising disposable income in several regions of the world as economies stabilize and strengthen. The global luxury hotels market has been evaluated through a political, legal, social, environmental, and economic lens to understand the intricacies shaping the market.Hoteles City Express is considered the leading and fastest-growing limited-service hotel chain in Mexico, in terms of number of hotels, number of rooms, geographic presence, market share and.
This first-of-its-kind textbook presents a balanced overview of the theory and practice of hotel chains’ growth strategies. It explains in-depth how and why the largest worldwide hotel chains achieved dominant international status and shows how to forecast future developments. The Growth Strategies of Hotel Chains: Best Practices by Leading Companies is comprised of thirteen chapters, each divided into two parts.
The first part sets forth the theory behind an important aspect of growth . Hotels industry is one of the major sectors fueling the growth of hospitality sector at the global level. Booming travel and tourism industry is one of the major factors fueling the demand in the hotels industry.
Ranking as the fourth largest chain, this brand is popular not only with luxury hotels, but also because of the scandalous Paris Hilton’s escapades, the former heir to the empire hotel room. The company is known propensity for innovations: the first one of its owners have introduced a system of “star” ratings, equipped hotel with Wi-Fi.
Articles Econ Lit – L FACTORS OF INTERNALISATION OF HOTEL CHAINS PhD Student Maya Ivanova Introduction The wish for growth and multiplication is a strategic decision and results from a.