Europe Luxury Hotel Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 35.36 Billion |
| Market Size (2029) | USD 45.45 Billion |
| CAGR (2024 - 2029) | 5.14 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Luxury Hotel Market Analysis
The Europe Luxury Hotel Market size is estimated at USD 35.36 billion in 2024, and is expected to reach USD 45.45 billion by 2029, growing at a CAGR of 5.14% during the forecast period (2024-2029).
The European luxury hotel market is a thriving industry, offering high-end accommodations to discerning travelers. While the COVID-19 pandemic significantly impacted the industry, the luxury hotel market has shown resilience. It is expected to recover and continue to grow in the coming years. With a rich history and cultural heritage, Europe boasts a wide range of luxury hotels. From historic properties that have been meticulously restored to modern, cutting-edge hotels that offer the latest in amenities and technology, there is no shortage of options for travelers seeking a luxurious experience. Key European destinations such as Paris, London, Rome, and Barcelona remain focal points for luxury hospitality, attracting discerning guests seeking unparalleled experiences, world-class amenities, and exceptional service.
Moreover, the rise of experiential travel has fueled the demand for unique and immersive experiences, prompting luxury hotels to innovate and diversify their offerings. This includes curated culinary experiences showcasing local cuisine, bespoke cultural tours, and wellness retreats tailored to promote relaxation and rejuvenation. Sustainability has also emerged as a key focus area for luxury hotels in Europe, with many establishments implementing eco-friendly practices and initiatives to minimize their environmental footprint and appeal to socially conscious travelers.
Europe Luxury Hotel Market Trends
Growing Focus Toward Sustainability is Driving the Market
The European luxury hotel sector is witnessing a growing sustainability trend, impacting the overall positioning of brands and the operations of hotels and guest experiences. One of the keyways sustainability is driving the market is by implementing eco-friendly initiatives and practices aimed at reducing carbon emissions, conserving energy and water, and minimizing waste generation.
Furthermore, sustainability is influencing the design and construction of new luxury hotel properties and the renovation of existing ones. There is a growing trend toward eco-friendly building materials. Green building certifications such as LEED (Leadership in Energy and Environmental Design) and sustainable architectural and interior design practices prioritize energy efficiency, natural light, and environmentally friendly materials. Moreover, sustainability is driving innovation in guest experiences within luxury hotels in Europe. Many businesses are implementing sustainable dining options with seasonal, organic, and locally produced cuisine to lower food miles and promote regional farmers and producers. Overall, sustainability is increasingly becoming a key driver of the European luxury hotel market as hotels recognize the importance of aligning with evolving consumer preferences for environmentally conscious and socially responsible travel experiences.
Integration of Digitization is Boosting the Market Growth
To improve the guest experience, cater to the demands of tech-savvy clients, and better serve their guests, hospitality businesses are progressively incorporating cutting-edge and developing technology to enhance how their facilities are run, raise the amount of money made per room, and distinguish themselves from the competition. In the future, hotels will need to use smart technologies like AI, robots, the Internet of Things (IoT), better audio-visual technology, voice and hand gesture controls, and the built environment.
Smart technology may provide visitors more control over their stay, and customers are increasingly looking for amenities like keyless entry to rooms, mobile check-ins and payments, and mobile bookings. Smart technology's ability to remember in-room preferences can allow for the personalization of the guest experience, create a distinctive sense of place, and increase general client happiness. Guests can control high-tech features like upscale room lighting, projection film, fragrance features, temperature and ventilation management, smart windows that control ambient light, and music over Bluetooth speakers from their phones or control panels in their rooms.
Europe Luxury Hotel Industry Overview
The competitive landscape of the European luxury hotel market comprises players vying for discerning travelers' attention. Technological integration, digital marketing strategies, and partnerships with luxury brands further define the competitive strategies in this dynamic market. Some of the prominent players in the market are Accor, Best Western, Intercontinental Hotels & Resorts, Belmond, and Marriott International Inc.
Europe Luxury Hotel Market Leaders
-
Accor
-
Best Western
-
Belmond
-
Marriott International Inc.
-
IHG Hotels & Resorts
*Disclaimer: Major Players sorted in no particular order
Europe Luxury Hotel Market News
- September 2023: Marriott Hotels inaugurated a new 398-room hotel in Munich, Germany. The Munich Marriott Hotel City West is located in the Westend neighborhood. It offers four dining options: a roof terrace, a fitness center, and an M Club lounge exclusively for Elite Marriott Bonvoy members.
- December 2022: As part of their ongoing collaboration with Katara Hospitality, IHG Hotels & Resorts (IHG) announced the inclusion of the Carlton Cannes to its network of Regent Hotels & Resorts. It is anticipated to emerge as a flagship hotel within IHG's Luxury and Lifestyle Collection of the next generation of Regent Hotels and Resorts.
Europe Luxury Hotel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS & DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Disposable Income
4.2.2 Rising Tourism and Travel Trends
4.3 Market Restraints
4.3.1 Increased Competition from Alternative Accommodation Such as Vacation Rentals
4.3.2 Stringent Regulations and Taxation Policies
4.4 Market Opportunities
4.4.1 Growing Trend of Wellness Tourism
4.4.2 Increased Digital Transformation
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Technological Advancements in the Market
4.8 Impact of COVID-19 on market
5. MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Business Hotels
5.1.2 Airport Hotels
5.1.3 Holiday Hotels
5.1.4 Resorts & Spa
5.2 By Geography
5.2.1 Italy
5.2.2 Germany
5.2.3 Spain
5.2.4 France
5.2.5 Switzerland
5.2.6 United Kingdom
5.2.7 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Accor
6.2.2 Best Western
6.2.3 IHG Hotels & Resorts
6.2.4 Groupe Du Louvre
6.2.5 Carlson-Rezidor
6.2.6 NH Hotels
6.2.7 Hilton Worldwide
6.2.8 Melia International
6.2.9 Marriott International Inc.
6.2.10 Hyatt Corporation*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
Europe Luxury Hotel Industry Segmentation
A luxury hotel is a hotel offering its visitors a luxurious lodging experience. High-paying customers are often accommodated in luxury hotels, and high-quality services and food are expected.
The European luxury hotel market is segmented by service type (business hotels, airport hotels, holiday hotels, and resorts and spas) and geography (Italy, Germany, Spain, France, Switzerland, the United Kingdom, and the Rest of Europe). The report offers market size and forecasts for the European luxury hotel market in value (USD) for all the above segments.
| By Service Type | |
| Business Hotels | |
| Airport Hotels | |
| Holiday Hotels | |
| Resorts & Spa |
| By Geography | |
| Italy | |
| Germany | |
| Spain | |
| France | |
| Switzerland | |
| United Kingdom | |
| Rest of Europe |
Europe Luxury Hotel Market Research FAQs
How big is the Europe Luxury Hotel Market?
The Europe Luxury Hotel Market size is expected to reach USD 35.36 billion in 2024 and grow at a CAGR of 5.14% to reach USD 45.45 billion by 2029.
What is the current Europe Luxury Hotel Market size?
In 2024, the Europe Luxury Hotel Market size is expected to reach USD 35.36 billion.
Who are the key players in Europe Luxury Hotel Market?
Accor, Best Western, Belmond, Marriott International Inc. and IHG Hotels & Resorts are the major companies operating in the Europe Luxury Hotel Market.
What years does this Europe Luxury Hotel Market cover, and what was the market size in 2023?
In 2023, the Europe Luxury Hotel Market size was estimated at USD 33.54 billion. The report covers the Europe Luxury Hotel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Luxury Hotel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Luxury Hotel Industry Report
Statistics for the 2024 Europe Luxury Hotel market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Europe Luxury Hotel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
