The concept of luxury hotels comes with a provision of high-end experience with a high value proposition. Luxury hotels provide distinct features and advanced facilities to the end-use customers. Furthermore, it provides high quality personalised and professional services thereby becoming a primary source of income produced by hospitality industry at an overall level. Luxury hotels are classified on the basis of diamond range depending upon facilities provided to the guests usually four diamond or five diamond luxury hotels. Luxury hotels are also categorised as business hotels, suite hotels, airport hotels, and resorts among others. Business voyages, visiting groups, meeting gatherings, and individual vacationers are the target clients of these hotels. Also, suite type of hotels is one of the significant segment of the luxury hotels. The rooms of suite hotels have bedrooms with a separate lounge. Professionals or business travelers who travel for work including legal advisors, business people and managers normally have a tendency to lean towards such hotels and rooms. In fact, recently, the airport hotels segment is emerging as a promising sector in the luxury hotel industry worldwide. The important clients of air terminal hotels are airline tourists, particularly those whose flights are delayed or cancelled. Business customers and airplane domain staff are also targeted customers among others.
Luxury Hotel Industry: Drivers
Mainly, factors such as a shift in client's preference towards luxurious travelling, experience and comfort, rise in per capita income and improving standards of living are driving the demand in the luxury hotel industry all over the globe. Moreover, a rise in the number of national and international events is also triggering the demand for luxury hotels. Among all types of guests, celebrities, politicians, business tycoons, professionals are the prominent visitors. Hotel industry is very dynamic and focusses on innovation in marketing activities to adhere to a new client base. Also, they are coming up with several schemes, membership cards, and offers to retain their old customers and tap into the new customer segment. The global luxury hotels industry accepts an enormous drive from innovation in new marketing activities, while creating a strong brand image and increasing investment in online promotion.
Luxury Hotel Industry: Trends
There is a growing trend of experiencing luxury lifestyle during vacations or holidays among travellers; they see it as a totally relaxing and rejuvenating experience during vacation. This is becoming the trend among newly married couples and senior citizens, as they sum up this luxury stay as a lifetime experience. In the luxury hotel industry, it has become a trend to market their offerings while maintaining their brand image; for this, many strategies and endorsements are practiced.
Luxury Hotel Industry: Restraints
Although demand for the luxury hotels in the hotel industry is seen significantly, there are certain factors which are hindering the growth of the luxury hotel industry as it belongs to niche or high-end segmentation due to high tariff and pricing. Moreover, the guests' mindset of exploring new hotels refrain them from revisiting the same hotel again or on an immediate basis.
Luxury Hotel Industry: Options
There are thousands of luxury hotels across the world that visitors can visit if they wish to explore. Some of the notable ones includes Kerzner International Resorts, Inc., Sheraton, Shangri-La International Hotel Management Ltd., Hilton, Jumeirah International LLC, Starwood Hotels & Resorts Worldwide, Mandarin Oriental International Limited, Hyatt Hotels Corporation, ITC Hotels Limited, The Indian Hotels Company Limited, Banyan Tree Holdings Limited, Four Seasons Hotels and Resorts, Marriott International, and InterContinental Hotels Group, among many others.
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Luxury Hotel Industry
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