The hotel industry has shown consistent growth over the past few years, with over 700,000 hotels worldwide which are contributing over $3.41 trillion to the global economy. Another notable name in the luxury hotel industry is Hilton Hotels & Resorts, owned by Hilton Worldwide Holdings Inc. Other major luxury hotel brands in the US include Hyatt Hotels Corporation, Holiday Inn, and Las Vegas Sands Corp. Some noteworthy geographic markets for luxury hotels are in China, Canada, and Europe. The Japanese market is expected to grow at 0.6%, while the Canadian market will grow at 1.9% by 2027. Many hotels in the US were also closed as occupancy rates fell drastically. McKinsey & Company report that the occupancy rate was below 15% for luxury hotels amid the pandemic and will have the slowest return to pre-pandemic levels compared to economy hotels. Moreover, people are preferring hotels that have digitized their services, such as allowing online bookings through websites and apps. Luxury hotels are preferring to drive direct bookings on their own hotel brand sites. The best luxury hotels in the world are ensuring that consumers feel safe while traveling and are on track to bounce back as travel restrictions are being eased around the world.
Insider Monkey analyses the 15 best luxury hotel companies in the World. Belmond has established itself as one of the best luxury hotel companies in the World. Its flagship hotel is the Belmond Hotel Cipriani, located in Venice, Italy. The Mandarin is the tallest building on the island and quickly became one of the best luxury hotels in the World. Based in Maryland, Choice Hotels was the first industry chain to establish a “soft brand” called the Ascend Hotel Collection. Comfort is Choice Hotels’ largest brand. Park Hotels & Resorts is a real estate investment trust that focuses on luxury hotel properties. The Company caters to the luxury and upper-upscale segments of the hotel industry. Wyndham Hotels & Resorts is one of the largest hotel companies in the World, with a valuation of $9.09 billion. Its portfolio consists of approximately 230 luxury vacation resorts offered under the names Club Wyndham, Margaritaville Vacation Club, WorldMark, Presidential Reserve by Wyndham. For more details, read 15 Best Luxury Hotels in the World.