Asia Pacific Luxury Hotel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Asia Pacific Luxury Hotel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028) The Asia-Pacific Hotel Market has generated revenue of USD 18.4 billion in the current year and is poised to achieve a CAGR of 8% for the forecast period. Luxury hotels differ from traditional hotels as they provide advanced services at a higher price. Even though the core function of all hotels and accommodation units is the same and requires hotel employees to provide the best of their services, luxury hotels are able to provide an even more enriched customer experience to their clients because they deal with large investments and revenue. Because luxury hotels invest heavily in the seamless integration of technology and services, it serves as a positive reinforcement for future global luxury hotel market growth. The effect of COVID-19 on the hospitality industry can be observed in all regions including Asia-Pacific. The Covid-19 pandemic caused the Asia-Pacific market size to suffer losses due to the closure of restaurants, hotels, and accommodation services in 2020. The hotel industry was the first and most affected sector across economies because almost all regions were under lockdown and people's movement was heavily regulated. Even though hotels are permitted to operate as before, the industry as a whole is expected to take a few more years to recover from the losses experienced in the previous two years. However post Covid-19, the market is expected to observe growth due to the increasing outbound travel by the young population within the region as well as growing inbound travel to the region. Rising disposable income, an increase in people's standard of life, expanding business and tourism industries across the region, and an increase in people's desire for leisure travel are all predicted to propel the industry. Some of the essential elements that draw guests to luxury resorts are the inflation of spending power and living standards. The growing government focus on the tourism industry in the region is a major driver for the industry. Large international brands lead the hotel market’s growth in APAC, but smaller chains and local developers also create interesting offerings for their guests. The largest project set to open in the APAC region is the Mui Dinh Eco-Resort in Vietnam. The development will include 7,000 rooms and 500 ocean-facing villas as well as amenities like a theme park, a casino, a beach club and a mountain clubhouse. Marriott International, Inc. is expecting to open 14 additional luxury properties in Asia Pacific by the end of 2023.Asia Pacific Luxury Hotel Market TrendsRising Population Preferring Leisure Vacations Contributes to the Market Growth The increased interdependence of economies, populations, and cultures around the world is known as globalization, and it is expected to have a positive impact on the APAC luxury hotel industry. As a result, people are moving from one place to another at a faster rate, making the world smaller. However, with increasing income and job opportunities, people have become more confident in their spending habits and a significant portion of society is now able to afford luxury spending, at least occasionally if not frequently. The reasons for the movement could range from personal vacation to one enforced by professional obligations. The rising number of business trips taken by working professionals benefits the APAC market cap as well. Since these travels are business-related and sponsored by businesses, the professionals are typically housed in upscale hotels rather than budget ones, which boosts the APAC market's revenue.Increase in the Number of Hotel Projects is Driving the Market Asia Pacific has luxury hotel projects for the construction pipelines in 2023, China, with 3,693 projects/701,974 rooms; India, with 339 projects/42,548 rooms; and Indonesia with 284 projects/45,359 rooms. APAC has 10 Luxury hotels pipelined to be opened in 2023, they are Andaz Pattaya Jomtien Beach, Thailand; Artyzen New Bund 31 Shanghai, China; Artyzen, Singapore; Bvlgari Hotel Tokyo, Japan; Four Seasons Hotel Suzhou, China; Cap Karoso, Indonesia, Innit Lombok, Indonesia; Six Senses Kanuhura Resort, Maldives; Janu, Tokyo; Regent, Hong Kong; Westin Rishikesh Resort & Spa: Rishikesh, India. Pan Pacific Hotels Group announced it will double its serviced suites portfolio in 2023 with openings in key gateway cities such as Bangkok, Hanoi, Jakarta, Kuala Lumpur, and Nairobi. Its developments are under the parent company UOL Group Limited. The Group’s latest wave of expansion will increase its global development portfolio by 50%, adding more than 4,000 keys by 2023. Mandarin Oriental Hotel Group announced it would manage a new resort with branded residences in Phu Yen province, one of Vietnam’s coastal regions. The project aims to open in 2026 and will be the group’s third property in Vietnam. Fairmont Hotels & Resorts part of the world-leading hospitality group Accor, and Asset World Corp Public Company Limited (AWC), Thailand’s leading integrated lifestyle real estate group, announced the signing of the first Fairmont hotel in Thailand. Fairmont Bangkok Sukhumvit is set to open in 2024 as the first project signed under AWC’s multi-property framework agreement with Accor, elevating Bangkok as a global hub for luxury leisure, business, and group travel. Under this partnership, AWC and Accor will open more than 1,000 keys across multiple Accor-branded hotels in key tourist destinations throughout the country, providing unique offerings and experiences for guests, and strengthening Thailand as a sustainable tourism destination.Asia Pacific Luxury Hotel Industry Overview The report covers major international and domestic players operating in the Asia-Pacific Luxury Hotel Market like Penninsula Shangai, The Indian Hotels Company Limited, JW Marriott, Hyatt Group, and Mandarin Oriental Hotel Group, among others. n terms of market share, few of the major players currently dominate the market. However, with factors such as technological advancements and service innovations, infrastructure development by local government and other facilities are attracting businesses and tourists.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.