According to the latest research report titled, “North American Luxury Hotel Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 37.01 billion in 2023 and growing at a CAGR of 8.50% during the forecast period.
The expansive luxury hotel industry in North America thrives on account of its hosting of major tourist destinations, serving as magnets for international visitors. The surge in international tourism to North America has significantly propelled this sector, with the anticipation of continued growth fueled by more international sports events, trade fairs, and exhibitions. These events not only attract tourists from abroad but also facilitate internal travel within the country. The luxury hotel market has experienced consistent growth, influenced by evolving lifestyles and the expanding travel and tourism businesses.
Report Summary
- Market Size (2023): USD 37.01 billion
- Market Size (2028): USD 55.65 billion
- CAGR (2023 – 2028): 8.50%
- Study Period: (2019-2028)
- Forecast Units: Value (USD billion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
Which are the Top Companies in the North American Luxury Hotel Market?
The report encompasses key global players in the North American luxury Hotel Market, with a few dominating in terms of market share. Yet, technological advancements and product innovations are empowering mid-sized to smaller companies to expand their market presence. These companies are securing new contracts, entering new markets, and enhancing visibility through exclusive stores and limited-edition offerings to boost their brand awareness.
Prominent players in the North American Luxury Hotel Market:
- Marriott International Inc.
- Hyatt Corporation
- Ritz-Carlton Hotel Company LLC
- Rosewood Hotels & Resorts
- Hilton Worldwide
- Wyndham Hotels & Resorts
- Trump International Hotel and Tower
- Radisson Hotels
- Four Seasons Hotels and Resorts
- Fairmont Hotels and Resorts
Other Reports that Might be of Your Interest
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- India Luxury Hotel Market Report: The India Luxury Hotel Market size is expected to grow from USD 2.47 billion in 2023 to USD 3.99 billion by 2028, at a CAGR of 10.06% during the forecast period (2023-2028)
Key Highlights from the North American Luxury Hotel Market Report
1. North America Leads Global Luxury Hotel Market Dominance
- The business hotel segment occupied around 41% of the luxury hotel market.
- The U.S. occupies four-fifths of the total North American luxury hotel market, while Mexico is expected to grow fastest.
- Along with Europe, North America collectively accounted for two-thirds of the total size of the luxury hotel market and is expected to continue to dominate the market due to an increase in the number of tourists and travelers.
- With recovery from COVID-19 and an increase in the movement of people, it reached a pre-COVID-19 level with a RevPAR of USD 72 in 2021.
2. The United States Commands Significant Market Share Domestically
The U.S. is anticipated to hold the largest revenue share in the market, given its status as a global financial hub and one of the world’s most sought-after tourist destinations. It consistently ranks among the top international travel spots, drawing millions of visitors annually to its renowned cities, national parks, and entertainment offerings. In 2022, international tourist arrivals to the U.S. approached nearly 22 million, rebounding from a steep decline during the COVID-19 period. With the upswing in visitors and increased U.S. travel expenditures, the travel and tourism industry contributed over USD 175.4 billion to the country’s GDP in 2022.
What are the Latest Developments in the North American Luxury Hotel Market?
- In July 2023: Choice Hotels acquired Radisson Hotel Group Americas. The deal was worth around $675 million, and with this deal, Choice Hotels acquired nine new brands, 624 hotels, and over 67,000 rooms.
- In November 2022: Hyatt Hotel Corporation and Dream Hotel Group reached an agreement whereby Hyatt acquired Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, Chatwal Hotels, and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe, and Asia.
- In October 2022: Marriott International reached an agreement with Hoteles City Express, S.A.B. de C.V., to acquire the highly regarded City Express brand portfolio.
Mordor Intelligence Report on the North American Luxury Hotel Market segments the market based on product type, application, and geography:
- By Service Type (Market Size & Forecast based on Value (USD billion), 2023-2028)
- Business Hotel
- Airport Hotel
- Suite Hotels
- Resorts
- Others Service Types
- By Geography (Market Size & Forecast based on Value (USD billion), 2023-2028)
- United States of America
- Canada
- Mexico
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the North American luxury hotel industry. Get a glance at the North American Luxury Hotel Market Report (2023 – 2028).
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