United States Luxury Hotel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

United States Luxury Hotel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

During the forecast period, the luxury hotel market in United States is anticipated to grow at a CAGR of more than 5%. (2021-2027). COVID-19 severely disrupted the hotel industry in 2020. ADR increased from USD 125 in 2021 to USD 145 in 2022, which resulted in RevPAR yearly profits of USD 92 in 2022 and USD 72 in 2021. Occupancy is reported to be 39.8% year earnings in 2020 and 57.6% in 2021. The coronavirus pandemic has been found to affect how well-functioning different industries are in different parts of United States. It had severe effects on the American market, the market for luxury hotels, and the hotel sector. This was caused mainly by decreased travel as a result of the lockdown, which also caused logistics and tourism to stop. The report and its analysis have examined the financial effects of the COVID-19 pandemic on the sales revenue of industry leaders, market followers, and market disruptors. United States has a booming luxury hotel business. The influx of international tourists and domestic tourist movements are anticipated to increase as there are a rising number of international sporting events, trade shows, and exhibitions. The expansion of the travel and tourist sector and shifting standards of living have fueled the market trends for luxury hotels to increase steadily. Luxury hotel demand varies by property type and is influenced by location, size, and on-site properties. The advent of low-cost airline services, the growth of weekend culture, rising disposable income, and the thriving service industry are all predicted to propel the market. One of the main factors luring people toward luxury resorts is the increase in spending power and style of living. Another important aspect driving the demand for luxury lodgings is the hosting of sporting events in a city or nation. Market leaders are making significant infrastructure investments and updating their properties with the newest accessories to improve the look and level of comfort they provide guests. The current leader and predicted market leader is the business hotel segment.Key Market TrendsTourism Growth in United States is Driving the Market United States is one of the most popular travel destinations globally. Millions of tourists from over the world visit well-known cities, national parks, and entertainment venues in the country every year. The number of foreign tourists visiting United States from countries like Mexico, Canada, United Kingdom, Japan, and China in 2021 was close to USD 40.3 billion, with a 45% annual growth rate, along with USD 731 billion. Household tips: The popularity of staying in has increased by 28%, which is a lot given that domestic travel expenditures were USD 731 billion and the top US vacation spots were New York, Miami, LA, Orlando, San Francisco, and Las Vegas.Number of Tourist in Luxury Hotels in United States Continues to Grow The increasing number of Chinese tourists arriving in United States is driving an expansion in the luxury hotel market. New data shows United States will have 1,067 luxury hotels by the end of this year, and that number is expected to increase by 1.7 percent, to 1,123 properties, by 2022. Although the growth is not expansive, it points to a gradually increasing demand from international and domestic source markets. In addition, luxury hotels, such as Four Seasons, have indicated that China is their second-largest source market. Revenue from Chinese travelers has increased steadily for the hotel company, with double-digit growth in revenue in recent years.Competitive Landscape The US luxury hotel market is highly fragmented, with several companies competing against one another. However, mid-sized and smaller businesses are expanding their market presence by gaining new contracts and tapping into new markets thanks to technical improvements and product innovations. For exceptional products, the top brands are building exclusive boutiques. Major players such as JW Marriott, Rose Wood Hotel, Hyatt Corporation, Hilton Worldwide, Ritz-Carlton Hotel Company LLC, and others have a significant presence in United States luxury hotel market.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.