A recent report from the Travel and Tourism Intelligence Center indicates that Asia’s luxury hotel market has recovered from the 2009 economic slowdown and is expected to grow over the next four years. Due in part to an expanding middle class and a growing economy, travel and tourism have recently increased in the Asia-Pacific region. As a result, demand for accommodations has increased, benefitting the luxury hotel sector and global operators such as Marriott, Hilton, and Starwood. The market reported record growth in 2013, with China leading the market with $20.6 billion in revenue. Japan recorded the most guests in luxury hotels, and Hong Kong had the highest occupancy rate and highest revenue per luxury room.
The Travel and Tourism Intelligence Center report looked at the luxury hotel market in 40 countries and provided detailed analysis by region of luxury hotels’ performance. Key indicators include hotels’ average revenue per available room, number of guests for the forecast period, and room nights occupied.