Five Star Hotel Market Report 2024

This Five Star Hotel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The five star hotel market size has grown rapidly in recent years. It will grow from $120.43 billion in 2023 to $134.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed during the historic period can be attributed to several factors such as the expansion of international travel and tourism, the rise of the global middle class, increasing consumer expectations for luxury amenities, the growth of online booking platforms, and increased investment in tourism infrastructure.

The five star hotel market size is expected to see rapid growth in the next few years. It will grow to $209.42 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The anticipated growth during the forecast period can be attributed to several factors such as increasing preference for premium hospitality services, growing business travel and corporate bookings, rising demand for sustainable and eco-friendly hotel practices, a higher demand for wellness and health-focused amenities, and the growing adoption of digital booking platforms and mobile services. Major trends to watch include the integration of advanced digital technologies, the implementation of personalized guest experiences, the development of eco-friendly infrastructure, the adoption of smart room technologies, and the use of blockchain for secure transactions.

The anticipated growth in the five-star hotel market is strongly linked to advancements in the tourism sector. Economic expansion and increased disposable incomes are driving more individuals to travel. Enhanced transportation and infrastructure are making destinations more accessible, while technological innovations are improving booking and travel experiences. Five-star hotels frequently position themselves in key tourist locations, boosting their prestige and appeal. This attracts both leisure and business travelers seeking premium experiences. For example, data from the Croatian Bureau of Statistics in March 2023 revealed that in 2022, commercial accommodation establishments in Croatia recorded 17.8 million tourist arrivals and 90 million tourist nights, reflecting a 39.1% increase in arrivals and a 28.3% rise in tourist nights compared to 2021. Thus, the growth of the tourism sector is a significant driver for the five-star hotel market.

Major players in the five-star hotel sector are expanding their offerings by introducing non-gaming hotels with high-end amenities. Non-gaming hotels focus on luxury accommodations without casino facilities, emphasizing premium features such as fine dining, spas, conference centers, and recreational activities. For instance, in March 2024, HCW Development LLC, a US-based real estate development and property management firm, unveiled Caesars Republic Scottsdale in Scottsdale, Arizona. This hotel represents the first non-gaming property under the Caesars brand in the United States, marking a strategic entry into the luxury lifestyle hotel segment. Caesars Republic Scottsdale is an 11-story glass structure with a modern design, featuring rich textures and a blend of soft curves and bold accents.

In December 2023, Dutco Group, a UAE-based hospitality company, acquired Mar Hall Hotel for $19.37 million. The acquisition is part of Dutco Group's strategy to reposition Mar Hall Hotel, Golf, and Spa Resort as a premier luxury destination. The transformation will include the addition of new woodland lodges, upgraded leisure and spa facilities, and a complete refurbishment of guestrooms and public areas. Mar Hall Hotel, Golf & Spa Resort, located in the UK, is known for its luxury accommodations, golf courses, and spa services.

Major companies operating in the five star hotel market are Marriott International Inc, Radisson Hotel Group, Kohler Co., Rosewood Hotels & Resorts LLC, Hilton Worldwide Holdings Inc., ITC Limited, Hyatt Hotels Corporation, Four Seasons Hotels Limited, Accor S.A., InterContinental Hotels Group PLC, Kerzner International Holdings Limited, Kempinski Hotels S.A., The Trump Organization, Jumeirah International LLC, Shangri-La International Hotel Management Ltd, Belmond Management Limited, The Peninsula Hotels, Mandarin Oriental Hotel Group International Limited, Soneva, Banyan Tree Hotels & Resorts, Capella Hotel Group, Leela Palaces and Resorts Limited, The Oberoi Group, The Indian Hotels Company Limited, Anantara Hotels, Resorts & Spas.

North America was the largest region in the five star hotel market in 2023. The regions covered in the five star hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the five star hotel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A five-star hotel is a luxury establishment known for its exceptional service, comfort, and amenities. It provides premium services such as fine dining and concierge assistance, designed to cater to both leisure and business travelers. A stay at a five-star hotel offers a superior experience with top-notch facilities and exclusive amenities that enhance comfort and convenience.

The main types within the five-star hotel market include business hotels, suite hotels, airport hotels, and resort hotels. Business hotels are tailored primarily for business travelers, featuring amenities such as conference rooms, high-speed internet, and business centers. The market includes both chain and independent hotels, with services spanning room accommodations, food and beverage, spa facilities, and other offerings.

The five star hotel market research report is one of a series of new reports that provides five star hotel market statistics, including the five star hotel industry global market size, regional shares, competitors with five star hotel market share, detailed five star hotel market segments, market trends, and opportunities, and any further data you may need to thrive in the five star hotel industry. These five star hotel market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The five star hotel market includes revenues earned by entities by providing services such as luxury accommodation, fine dining, concierge services, and personalized guest experiences. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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