Luxury Hotel Market Size, Growth, Price Analysis, Share to 2028 | Global Research Report by Fortune Business Insights™
The global '' luxury hotel market '' size is projected to reach USD 238.49 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period. Fortune Business Insights™ diagnoses this market in its report, titled “ Luxury Hotel Market Size, Share & COVID-19 Impact Analysis, By Room Type (Luxury, Upper-upscale, and Upscale), Category (Chain and Independent), and Regional Forecast, 2021-2028 ”, which also states that the market value stood at USD 93.43 billion in 2020. Emergence of Eco-friendly Luxury Hotels to Accelerate the Market The development of hotels guided by the principles of environmental sustainability has altered perceptions surrounding luxury accommodations. The increasing environmental consciousness among new-age travelers has redefined the dynamics hitherto governing the hospitality industry, leading to the construction of eco-friendly luxury hotel brands. For example, the Andaz Maui at Wailea Resort in Hawaii has been conceived