Luxury Hotel Market Research The global luxury hotel market was valued at $95,113.00 million in 2020, and is projected t

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Luxury Hotel Market Research The Global Luxury Hotel Market Was Valued At 95 113 00 Million In 2020 And Is Projected T 1 (332.57 KiB) Viewed 49 times

Luxury Hotel Market Research The Global Luxury Hotel Market Was Valued At 95 113 00 Million In 2020 And Is Projected T 2 (29.12 KiB) Viewed 49 times

Luxury Hotel Market Research The global luxury hotel market was valued at $95,113.00 million in 2020, and is projected to reach $160,481.23 million by 2031, growing at a CAGR of 5.1% from 2022 to 2031. 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. Rise in travel and tourism industry, growth in preference for leisure travel, and change in standard of living have led to progressive luxury hotel market trends. The luxury hotel industry has always focused on the location aspect as the success factor. A hotel located in an important location is expected to perform well with the services and amenities being followed as compared to the hotel located in a less important area. For the people who travel a lot mostly require the airport hotel instead of staying within the city, similarly people looking forward to enjoy the scenic view need to opt for the hotel near the place they want to visit. Hence, location is always important for the luxury hotel market. Travel and tourism is one of the important economic activities for a country. There has been rise in the travel and tourism industry as the number of tourist arrivals has taken a leap in the world's GDP. The major shift has been recorded in the Europe followed by Asia-Pacific, Americas and Rest of the world. Travel and tourism industry is expected to perform at a solid growth. The growth in the forecast period also seems to be favourable for the countries. The outbreak of COVID-19 pandemic has impacted the tourism and travel industry negatively. Implementation of social distancing, stay-at-home, and travel restrictions all over the world have restricted the growth of luxury hotel market. According to the report published by the American Hotel and Lodging Association 2021, the hotel occupancy was decreased in the U.S. from 66% to approx. 40% in 2020 if compared to its previous year.
Question 3 Examine key operational challenges faced by the hotel and propose the corresponding countermeasure. (50 marks)