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Luxury Hotel Market by Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts) - Global Opportunity Analysis and Industry Forecast, 2014 - 2022

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CO_171916
Pages: 62
Feb 2017 | 10753 Views
 
Author's : Sheetanshu Upadhayay
Tables: 49
Charts: 20
 

Luxury Hotel Market Overview:

Luxury hotels provide luxurious stay along with various other services such as swimming pool (warm & fresh water), barbeque, spa, gyms, bar and other tailor made services as per the desire and comfort of customers. Several such hotels also provide private garden or private area on beach along with personal sunbeds, to distinguish themselves from other players. The global luxury hotel market generated revenue of $15,535 million in 2015, and is expected to grow at a CAGR of 4.0% to reach $20,442 million by 2022. Rise in travel & tourism industry, growth in preference for leisure travel, and change in standard of living have led to progressive luxury hotel market trends.

Players have adopted acquisition, agreement, and partnership & mergers as their key strategies to increase their market share. For instance, in 2015, Marriott International acquired Starwood Hotels and Resorts Worldwide Inc. with an objective to become the world’s largest hotel company. Furthermore, companies enter into agreement with other key players operating within a nation as well as in the international market.

Market Segmentation
 : Luxury Hotel Market Segmentation
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Market Share by Type, 2015

Luxury Hotel Market Share by Type, 2015

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Presently, the business hotel segment accounts for the highest market share, owing to rise in business travelers worldwide. Resorts segment is expected to witness the fastest growth rate from 2016 to 2022 due to consumer preference, as resorts provide locations and amenities that are different and unique from other luxury hotels.

Geographically, the market is classified into North America (U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, South Korea, Thailand, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Top Impacting Factors

Rise in Travel & Rourism Industry

In most of the countries, travel & tourism industry generates the major revenue, and rely on this industry for their GDP share. The tourism industry is driven by social, religious, recreational, knowledgeable, and business purpose; and increase in interest among people to experience adventure & entertainment.

Statistics for Tourist Arrival in Various Geographies, 2012 - 2014

Luxury Hotel Market Statistics for Tourist Arrival in Various Geographies, 2012 - 2014

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Growth in Preference for Leisure Travel

Rise in number of travelers globally and change in standard of living fuel the preference for leisure travel. Almost half of the international tourist arrivals are for the purpose of leisure.

Emergence of New Luxury Hotels

Eco Hotel, Scattered Hotel, Tree House Hotel, Ice Hotel, Capsule Hotel, Yurt, and others have recently emerged, which have led to increase in number of travelers.

Top Impacting Factors

Luxury Hotel Market Top Impacting Factors

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Top Winning Strategies

Key market players have implemented various strategies such as acquisition, partnership & agreement, merger, and geographical expansion.

The major market players such as Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., and Jumeirah International LLC develop their product portfolios to strengthen their foothold in the market. For instance, in 2015, Jumeirah Group and member of Dubai Holding launched Jumeirah Inside, which allowed users to experience the luxury of Jumeirah properties and make online hotel bookings.

The companies profiled in the report are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.

Key Benefits

  • This report provides insights on current and future trends of luxury hotel industry from 2016 to 2022.
  • Market intelligence for key developmental strategies adopted by established brands are explained with impact analysis.
  • This report provides a practical evaluation of key market drivers and restraints for global market.
  • This report emphasizes on key factors that affect the market growth and reveals the influencing factors to capitalize on.

Luxury Hotel Market Key Segmentation

By Type

  • Business Hotels
  • Airport Hotels
  • Suite Hotels
  • Resorts
  • Others

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • South Korea
    • Thailand
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Players

  • Four Seasons Holdings Inc.
  • Intercontinental Hotels Group
  • Marriott International Inc.
  • Hyatt Corporation
  • ITC Hotels Limited
  • Shangri-La International Hotel Management Ltd.
  • Jumeirah International LLC
  • The Indian Hotel Companies Limited
 

Chapter: 1 INTRODUCTION

1.1 REPORT DESCRIPTION
1.2 RESEARCH METHODOLOGY

1.2.1 SECONDARY RESEARCH
1.2.2 PRIMARY RESEARCH
1.2.3 ANALYST TOOLS AND MODELS

Chapter: 2 EXECUTIVE SUMMARY

2.1 OVERVIEW
2.2 MARKET SNAPSHOT
2.3 CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1 MARKET DEFINITION AND SCOPE
3.2 KEY FINDINGS  

3.2.1 TOP IMPACTING FACTOR
3.2.2 TOP WINNING STRATEGIES
3.2.3 TOP INVESTMENT POCKETS

3.3 PORTER’S FIVE FORCES ANALYSIS

3.3.1 MODERATE BARGAINING POWER OF SUPPLIERS DUE TO LARGE NUMBER OF SUPPLIERS, BACKWARD INTEGRATION AND HIGH SWITCHING COST
3.3.2 HIGH BARGAINING POWER OF BUYER, MORE AVAILABILITY OF SUBSTITUTES AND LARGE NUMBER OF PLAYERS THAT PROVIDE QUALITY PRODUCT
3.3.3 AVAILABILITY OF SUBSTITUTES AND HIGH COST INCREASES THREAT OF SUBSTITUTES
3.3.4 MODERATE THREAT OF NEW ENTRANTS DUE TO PRESENCE OF DOMINANT PLAYERS, STRICT GOVERNMENT REGULATIONS TOWARDS THE ENVIRONMENT
3.3.5 PRESENCE OF NUMEROUS PLAYERS, HIGH BRAND LOYALTY, LOW SWITCHING COST

3.4 DRIVERS

3.4.1 RISE IN TRAVEL AND TOURISM INDUSTRY
3.4.2 GROWING PREFERENCE FOR LEISURE TRAVEL
3.4.3 INCREASE IN STANDARD OF LIVING

3.5 RESTRAINTS

3.5.1 RISE IN PRICE OF LODGING

3.6 OPPORTUNITIES

3.6.1 EMERGENCE OF NEW TYPES OF LUXURY HOTELS

Chapter: 4 WORLD LUXURY HOTEL MARKET BY TYPE

4.1 OVERVIEW
4.2 AIRPORT HOTELS

4.2.1 KEY MARKET TRENDS
4.2.2 KEY GROWTH FACTORS AND OPPORTUNITIES
4.2.3 MARKET SIZE AND FORECAST
4.2.4 NORTH AMERICA AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.2.5 EUROPE AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.2.6 ASIA PACIFIC AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.2.7 LAMEA AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022

4.3 RESORTS

4.3.1 KEY MARKET TRENDS
4.3.2 KEY GROWTH FACTORS AND OPPORTUNITIES
4.3.3 MARKET SIZE AND FORECAST
4.3.4 NORTH AMERICA RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
4.3.5 EUROPE RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
4.3.6 ASIA PACIFIC RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
4.3.7 LAMEA RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

4.4 BUSINESS HOTELS

4.4.1 KEY MARKET TRENDS
4.4.2 KEY GROWTH FACTORS AND OPPORTUNITIES
4.4.3 MARKET SIZE AND FORECAST
4.4.4 NORTH AMERICA BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.4.5 EUROPE BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.4.6 ASIA PACIFIC BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.4.7 LAMEA BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022

4.5 SUITE HOTELS

4.5.1 KEY MARKET TRENDS
4.5.2 KEY GROWTH FACTORS AND OPPORTUNITIES
4.5.3 MARKET SIZE AND FORECAST
4.5.4 NORTH AMERICA SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014- 2022
4.5.5 EUROPE SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.5.6 ASIA PACIFIC SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.5.7 LAMEA SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022

4.6 OTHERS

4.6.1 KEY MARKET TRENDS
4.6.2 KEY GROWTH FACTORS AND OPPORTUNITIES
4.6.3 MARKET SIZE AND FORECAST
4.6.4 NORTH AMERICA OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.6.5 EUROPE OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.6.6 ASIA PACIFIC OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
4.6.7 LAMEA OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022

Chapter: 5 WORLD LUXURY HOTEL MARKET BY GEOGRAPHY

5.1 OVERVIEW
5.2 NORTH AMERICA

5.2.1 KEY MARKET TRENDS
5.2.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.3 MARKET SIZE AND FORECAST
5.2.4 U.S. LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.2.5 CANADA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.2.6 MEXICO LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

5.3 EUROPE

5.3.1 KEY MARKET TRENDS
5.3.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.3.3 MARKET SIZE AND FORECAST
5.3.4 SPAIN LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.3.5 FRANCE LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.3.6 ITALY LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.3.7 U.K LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.3.8 GERMANY LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.3.9 REST OF EUROPE LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

5.4 ASIA-PACIFIC

5.4.1 KEY MARKET TRENDS
5.4.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.4.3 MARKET SIZE AND FORECAST
5.4.4 INDIA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.4.5 CHINA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.4.6 SOUTH KOREA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.4.7 JAPAN LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.4.8 THAILAND LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.4.9 REST OF ASIA-PACIFIC LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

5.5 LAMEA

5.5.1 KEY MARKET TRENDS
5.5.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.5.3 MARKET SIZE AND FORECAST
5.5.4 LATIN AMERICA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.5.5 MIDDLE EAST LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
5.5.6 AFRICA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

Chapter: 6 RELATED INDUSTRY INSIGHTS

6.1  LUXURY FURNITURE MARKET

6.1.1 OVERVIEW

6.2  LUXURY GOODS MARKET

6.2.1 OVERVIEW

Chapter: 7 COMPANY PROFILES

7.1. FOUR SEASONS HOLDINGS INC.

7.1.1. COMPANY OVERVIEW
7.1.2. OPERATING BUSINESS SEGMENTS
7.1.3. BUSINESS PERFORMANCE
7.1.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.2. INTERCONTINENTAL HOTELS GROUP

7.2.1. COMPANY OVERVIEW
7.2.2. OPERATING BUSINESS SEGMENTS
7.2.3. BUSINESS PERFORMANCE
7.2.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.3. MARRIOTT INTERNATIONAL INC.

7.3.1. COMPANY OVERVIEW
7.3.2. OPERATING BUSINESS SEGMENTS
7.3.3. BUSINESS PERFORMANCE
7.3.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.4. HYATT CORPORATION

7.4.1. COMPANY OVERVIEW
7.4.2. OPERATING BUSINESS SEGMENTS
7.4.3. BUSINESS PERFORMANCE
7.4.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.5. ITC HOTELS LIMITED

7.5.1. COMPANY OVERVIEW
7.5.2. OPERATING BUSINESS SEGMENTS
7.5.3. BUSINESS PERFORMANCE
7.5.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.6. SHANGRI-LA INTERNATIONAL HOTEL MANAGEMENT LTD

7.6.1. COMPANY OVERVIEW
7.6.2. OPERATING BUSINESS SEGMENTS
7.6.3. BUSINESS PERFORMANCE
7.6.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.7. JUMEIRAH INTERNATIONAL LLC

7.7.1. COMPANY OVERVIEW
7.7.2. OPERATING BUSINESS SEGMENTS
7.7.3. BUSINESS PERFORMANCE
7.7.4. KEY STRATEGIC MOVES & DEVELOPMENTS

7.8. THE INDIAN HOTEL COMPANIES LIMITED

7.8.1. COMPANY OVERVIEW
7.8.2. OPERATING BUSINESS SEGMENTS
7.8.3. KEY STRATEGIC MOVES & DEVELOPMENTS
7.8.4. KEY STRATEGIC MOVES & DEVELOPMENTS

List of Figures

FIG. 1  TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES IN THE WORLD LUXURY HOTEL MARKET (2013-2016)
FIG. 3  TOP WINNING STRATEGIES (%) (2013-2016)
FIG. 4  TOP INVESTMENT POCKETS
FIG. 5  PORTER’S FIVE FORCES ANALYSIS OF WORLD LUXURY HOTELS MARKET
FIG. 6  INTERNATIONAL TOURIST ARRIVALS (2012-2014)
FIG. 7  INTERNATIONAL TOURIST ARRIVAL FOR LEISURE (2012-2014)
FIG. 8  ANNUAL GROWTH RATE OF PER-CAPITA-INCOME IN KEY COUNTRIES
FIG. 9  REASONS FOR RISE IN PRICE OF LODGING
FIG. 10 WORLD LUXURY HOTEL MARKET BY TYPE, 2015
FIG. 11 WORLD AIRPORT HOTEL MARKET ($ MILLION), GROWTH (%), 2014-2022
FIG. 12 WORLD RESORTS HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 13 WORLD BUSINESS HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 14 WORLD SUITE HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 15 WORLD OTHERS HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 16 WORLD LUXURY HOTEL MARKET BY GEOGRAPHY, 2015
FIG. 17 NORTH AMERICA LUXURY HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 18 EUROPE LUXURY HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 19 ASIA-PACIFIC LUXURY HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022
FIG. 20 LAMEA LUXURY HOTEL MARKET, ($ MILLION), GROWTH (%) 2014-2022

List of Tables

TABLE 1 WORLD LUXURY HOTELS MARKET SNAPSHOT
TABLE 2 TABLE 1 NEW TYPES OF HOTEL
TABLE 3 WORLD AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 4 NORTH AMERICA AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 5 EUROPE AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 6 ASIA PACIFIC AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 7 LAMEA AIRPORT HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 8 WORLD RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 9 NORTH AMERICA RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 10 EUROPE RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 11 ASIA PACIFIC RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 12 LAMEA RESORTS HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 13 WORLD BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 14 NORTH AMERICA BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 15 EUROPE BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 16 ASIA PACIFIC BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 17 LAMEA BUSINESS HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 18 WORLD SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 19 NORTH AMERICA SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 20 EUROPE SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 21 ASIA PACIFIC SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 22 LAMEA SUITE HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 23 WORLD OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 24 NORTH AMERICA OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 25 EUROPE OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 26 ASIA PACIFIC OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 27 LAMEA OTHER HOTELS MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 28 NORTH AMERICA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 29 U.S. LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 30 CANADA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 31 MEXICO LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 32 EUROPE LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 33 SPAIN LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 34 FRANCE LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 35 ITALY LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 36 U.K LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 37 GERMANY LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 38 REST OF EUROPE LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 39 APAC LUXURY HOTEL MARKET, ($MILLION), GROWTH (%)2014-2022
TABLE 40 INDIA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 41 CHINA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 42 SOUTH KOREA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 43 JAPAN LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 44 THAILAND LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 45 REST OF ASIA-PACIFIC LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 46 LAMEA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 47 LATIN AMERICA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 48 MIDDLE EAST LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 49 AFRICA LUXURY HOTEL MARKET, ($MILLION), GROWTH (%) 2014-2022

 

North America has emerged as the largest market for luxury hotels, and is anticipated to grow at a notable pace, owing to rise in the number of business travelers and others. Europe showed the fastest growth rate for resorts during the forecast period due to increase in international tourist arrivals and emergence of new hotels in countries such as Germany, France, Italy, and the UK.

The demand for luxury hotels is lower in developing countries as compared to developed markets. However, Asia-Pacific is expected to grow at a notable pace in next five years, owing to growth in preference for leisure travel and rise in travel & tourism industry. Japan accounted for the largest market size in the overall Asia-Pacific luxury hotel market.

Market players explore innovative products and services to strengthen their presence and meet the growing demands. Established brands have adopted merger, and agreement & partnership as their prominent growth strategies to strengthen their foothold in the market. For instance, in 2016, Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into an agreement with Terra Tour Service EOOD for a Hyatt Regency Hotel in Sofia, Bulgaria, which is the first Hyatt-branded hotel in Bulgaria.

 

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