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A recent report published by Infinium Global Research on the GCC luxury hotels market provides in-depth analysis of segments and sub-segments in the GCC as well as regional GCC luxury hotels market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional GCC luxury hotels market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the GCC luxury hotels market. According to the report, the GCC luxury hotels market is projected to grow at a CAGR of 4.4% over the forecast period of 2021-2027, growing from nearly USD 18.3 billion in 2020 to about USD 24.5 billion in 2027.
The hospitality sector has been an important part of the GCC economy, especially over the past few years. Several new hotels and resorts have been built across the region to attract tourists. The luxury hotels segment is particularly popular in the region due to the frequent visits of high-profile guests. Some of the luxury hotels in the region are world-renowned and have established high status among global tourists. The luxury hotel market in GCC is mature and is still growing. Moreover, the market has attracted several global hotel chains. Global players such as Hilton, Hyatt, and Marriott are well positioned in the GCC region. Several local players have also maintained a considerable share in the GCC luxury hotels market. Furthermore, the market players are focusing on offering a multicultural experience to attract guests around the world.
The concern over the spread of novel coronavirus hampered the market growth of luxury hotels in GCC over a short period. As the infection spread across the region, governments in GCC countries imposed stringent restrictions to control the spread. These restrictions included in-bound and out-bound travel restrictions. This, in turn, hampered the travel and tourism sector across the GCC region. Moreover, several hotels and resorts were closed during the pandemic as a control measure. Furthermore, many tourists were hesitant to travel over the concern of contracting the infection and chose to stay at their homes. In addition, many public events were either postponed or canceled during the pandemic period. This, in turn, reduced the number of tourists visiting GCC countries. However, as the COVID-19 cases drop across the world including GCC countries, the luxury hotel market bounced back to its pre-pandemic state.
The rapidly growing tourism sector in GCC is majorly driving the luxury hotel market in the region. The luxury hotels market is directly dependent on the tourism sector, as many tourists stay at these hotels. High-profile guests such as royalties, heads of state, businessmen, and celebrities often stay in such hotels. Moreover, several religious, business and sports events organized in GCC are further augmenting the luxury hotel market in the region. Hajj is the most important pilgrimage in the Islamic world, which is held in the holiest city of Mecca, Saudi Arabia. Many pilgrims stay at luxury hotels during the Hajj. This, in turn, drives the market in Saudi Arabia. Other events such as Qatar international art festival, and Middle East Expo also attract guests around the world, driving the demand for luxury hotels. However, the emergence of modern hospitality models such as Airbnb, and OYO is a major restraining factor for market growth. Nevertheless, the adoption of innovative technologies such as IoT by luxury hotels for controlling lighting, security, entertainment, energy, and other connected devices is anticipated to boost the market over the forecast period.
In terms of countries, the GCC luxury hotel market is segmented into Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Oman. UAE accounted for the highest revenue in the GCC luxury hotel market. The domination of the UAE was mainly due to the growing tourism sector. Moreover, a large number of travelers in the UAE are aware of luxury hotels. Furthermore, the presence of leading luxury hotels in the UAE further augments the market growth in the region. On the other hand, Saudi Arabia is anticipated to grow with the fastest growth rate over the forecast period. The growth in Saudi Arabia is attributed to the growing tourism sector. In addition, Saudi Arabia is home to the holy city of Mecca, where the annual pilgrimage of Hajj takes place. This, in turn, further augments the luxury hotel market in Saudi Arabia.
The report on GCC luxury hotels market covers segments such as type. On the basis of type, the sub-markets include business hotels, airport hotels, suite hotels, resorts, and others.
The report provides profiles of the companies in the market such as Jumeirah Group, Hyatt Hotels Corporation, Hilton Worldwide Holdings Inc., Accor S.A., Marriott International, Inc. Rotana Hotel Management Corporation PJSC, Four Seasons Hotels Limited, Kempinski Hotels S.A., Wyndham Hotels & Resorts, Inc., and Ramee Group.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of GCC luxury hotels market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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