News5050 – Market Report

January 14, 2018

The Report:

GlobalData’s “Global Luxury Hotels Market to 2021”, report provides a thorough insight into global luxury hotels market. The report shades light into the key trends and issues. It offers key insights at regional level and major country level markets analyzing the number of hotel establishments, number of rooms, occupancy rate, room nights available, room nights occupied, average room revenue per available room, average room revenue per occupied room, average total revenue per available room, total room revenues, total non-room revenues, total revenues, and number of guests.

The presence of an affluent corporate culture and the growing impact of the manufacturing and services sector on the economies across the globe are expected to play a pivotal role in the growth of the luxury hotels market. Damages caused by unforeseen circumstances at a country level, such as natural disasters and terrorist threats have crippled several hotels in European and Middle Eastern countries, and continue to be lurking hindrances for market growth.

Scope

– The opening of three five-star eco-luxury resorts in June 2017 – Soneva Jani, Nekupe Sporting Resort & Retreat, and Alila Anji – has fueled a growing trend in sustainable luxury travel. Sustainable luxury was considered an oxymoron until recently when there was a shift in the trends in the luxury hospitality industry towards green and sustainable travel. The concept of sustainable travel has evolved from paperless checkouts and refillable soap dispensers to efforts in regard to sustainable development for all the value-added luxuries offered in the hotel. For instance, Soneva emphasizes luxuries while minimizing the use of junk, inorganic, and unsustainable products and using natural, organic products instead for the preparation of authentic cuisines, which helps to enhance the health of the customers. They also prioritize providing a pristine environment and wide open spaces in the hotels. These initiatives would definitely attract millennials to such hotels, and thereby would encourage the hoteliers to pursue such initiatives.
– Chanel’s Karl Lagerfeld (premium clothing and accessories brand) and watch brand Shinola are two of the latest additions in terms of brands that plan to open boutique hotels by the end of 2018. Karl Lagerfeld plans to launch the hotel in Macau initially, followed by some other destinations including Detroit.In addition, homewares brands have plans to invest in properties for luxury hotels, mostly as an extension of their product and brand portfolios. West Elm, a popular furniture retail store chain, is expected to open hotel chains across the US (including Detroit, Savannah, and Indianapolis) by the end of 2018. These trends will increase and will create more competition in the market; therefore the success of these brands in the industry in the future will be highly dependent on their marketing activities.

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Report: REP000349298