Recent statistics show that there are now more than 5 million hotel rooms in the United States -- and that's only one country. As more and more hotels are constructed, this number is expected to grow even larger. The following reports analyze the global luxury hotels market and where it's headed.
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Also known as a motel, a hotel is a hospitality business that sells lodging -- along with food, beverages and various services -- to its guests. Hotels have been around for centuries, providing travelers with a safe and convenient location to sleep and rest. In recent years, however, there's been a growing demand for luxury hotels.
So, what is a luxury hotel exactly? There's no universal definition for the term "luxury hotel." Rather, it refers to any high-end hotel that offers a superior level of customer service compared to other hotels.
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Luxury hotels are often ranked as four or five stars. They emphasize the importance of creating strong guest interactions, going above and beyond the call of duty to ensure that guests are satisfied and taken care of.
Luxury hotels also cost more than traditional, non-luxury hotels. It's not uncommon for a single night's stay at a luxury hotel to cost anywhere from $300 to $1,000. In comparison, traditional hotels typically charge between $60 to $200 per night. But for guests, there's no denying the fact that staying at a luxury hotel is a memorable experience. Luxury hotels cater to their guests' every needs, thereby delivering an unparalleled level of customer service.
The Global and Chinese Luxury Hotels Industry Market Research report by ReportsnReports is a comprehensive study of the global and Chinese luxury hotels market. Within this report, you'll gain professional insight into the market. Among other things, this report covers the luxury hotels market's size, classification, chain structure, growth drivers, growth challenges and import and export consumption.
Some of the key luxury hotel vendors profiled in this report include Marriott International, Hilton, Starwood Hotels & Resorts (Marriott), Hyatt Hotels, Four Seasons Holdings, Shangri-La International Hotel Management, InterContinental Hotels Group, Mandarin Oriental and others.
The Global Luxury Hotel Market Growth (Status and Outlook) 2019-2024 report by ReportsnReports is a second professional study of the global luxury hotels market. According to the report, the market is poised to grow at a compound annual growth rate (CAGR) of 4.5% through 2024. If correct, the global luxury hotels market will reach a value of over $222 billion by the end of the forecast period.
This report segments the global luxury hotels market by several criteria. On the basis of product type, the market is segmented into business hotel, suite hotel and resorts hotel. On the basis of end-user application, the market is segmented into room, F&B, spa and others. Finally, the report segments the global luxury hotels market by geographic region, including the Americas, APAC, Europe and Middle East.