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Luxury Hotel Market Size by Global Major Companies Profile, and Key Regions 2028

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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, 2021-2028”, which also states that the market value stood at USD 93.43 billion in 2020.

COVID-19 to Create Widespread Instability in the Hospitality Industry

The luxury hotel market growth is expected to shrink due to the COVID-19 pandemic, with a market registering an astonishing decline of 60.82% in 2020 and reaching a value of USD 119.55 billion in 2021. One main reason for this unprecedented downturn in the hospitality industry is the steep drop in tourist activities worldwide. As per the estimations released by the UN World Tourism Organization (UNWTO), export revenues from tourist arrivals fell by approximately USD 910 billion to 1.2 trillion in 2020, potentially shrinking the global GDP by 1.5% to 2.8%. Hotels, in particular, have been the hardest hit. For example, according to the American Hotel & Lodging Association (AHLA), 71% of hotels will not survive the next six months without federal assistance and 77% will have to lay-off workers. Luxury hotel chains, such as Le Meridien, have also resorted to cost-cutting, given the new travel bans and the possibility of movement restrictions. In sum, markets associated with the travel, tourism, and hospitality industry are set to enter a period of deep financial stress on account of the coronavirus.

Fortune Business Insights™ lists out all the luxury hotel market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)
  • Accor SA (Issy-les-Moulineaux, France)
  • Shangri-La Asia Limited (Quarry Bay, Hong Kong)
  • Four Seasons Hotel Limited (Toronto, Canada)
  • Hyatt Hotels Corporation (Chicago, U.S.)
  • The Indian Hotels Company Limited (Mumbai, India)
  • Kempinski Hotels S.A. (Geneva, Switzerland)
  • Hilton Hotels & Resorts (McLean, U.S.)
  • InterContinental Hotels Group plc (Denham, U.K.)
  • Marriott International, Inc. (Maryland, U.S.)

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 to minimize waste and emissions. The resort features a solar water heater system and variable speed chillers, while in the in-room settings, the glassware is made from recycled materials along with automated temperature controls. Similarly, at the Saffire Freycinet in Tasmania, Australia, Modwood is used as a wood substitute, LED technology is extensively utilized to make the entire facility energy-efficient, and natural cycle airflow systems have also been installed. The growing popularity of such premium properties in exotic locations is set to accelerate the expansion of this market.

Highlights of the Report

This report offers a detailed analysis of the various market drivers and trends, along with a careful study of the various market restraints. Moreover, the report contains a comprehensive examination of the regional dynamics of the market, as well as an in-depth evaluation of the competitive landscape of the market. In addition to these factors, the report supplies an exhaustive assessment of all market segments.

Market Segments

Based on room type, the market has been divided into luxury, upper-upscale, and upscale. By category, the market has been segmented into chain and independent. On the basis of geography, this market has been segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights

High Spending Capacity of Travelers to Fuel the Market in North America

Backed by a high spending potential of consumers, North America is anticipated to dominate the luxury hotel market share during the forecast period. A report by the US Travel Association showed that in 2019, domestic travelers spent USD 972 billion, of which roughly 25% was spent on lodging facilities. Furthermore, expenditures on hotels and resorts of both domestic and international travelers rose by 4.1% in 2019 from 2018 levels, as per the report, indicating a strong willingness to spend on vacations by consumers. The North America market size stood at USD 30.66 billion in 2020.

In Europe, the market will enjoy a period of sustained growth as the continent is home to some most attractive tourist places on the planet. The UNWTO, for instance, observed that Europe accounted for nearly half of all tourist arrivals globally in 2018. In Asia Pacific, on the other hand, the expanding upper-middle-class and middle-class populations are pulling international luxury hotel chains to establish their presence in countries such as India, China, and Indonesia.

Competitive Landscape

Key Players to Tap Opportunities in Developing Markets

With the standard of living transforming in the emerging markets of Asia and Africa, luxury hotel brands are actively amplifying their presence and operations in these countries. Several hotel chains are coming up with new offers and creating unique economy segments and services to attract travelers and entrench their regional position.

Industry Developments:

  • January 2021: Marriott International announced its plans of opening 100 new properties across Asia Pacific in 2021. The aim is to bring brands and exquisite experiences to travelers and guests in unexplored destinations in the region.
  • March 2020: Luxe Collection opened its first branded property in New York City, the Luxe Life Hotel New York. To this will be added new 4- and 5-star hotels – Zeavola Resort (Thailand), Il Tornabuoni (Florence), Eurostars Magnificent Mile (Chicago), CoolRooms Atocha (Spain), and The Belmont (Dallas).

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/luxury-hotel-market-104408

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Cheap Doesn’t Mean Cheap Looking: Affordable Hardwood Floors Trends

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hardwood floors

Many people think that good-looking hardwood floors have to come with a high price tag. They believe that affordable options will look cheap or outdated. But that isn’t always true. You can find stylish, durable, and affordable hardwood flooring that turns any room into a high-end space.

Today, more trends are making inexpensive hardwood look luxury. Without breaking the bank, you can still get floors that impress.

Understanding the Perception of Cheap-Looking Hardwood Floors

The stigma around inexpensive flooring

Some think that cheap hardwood always means low quality. They see it as dull, thin, or poorly finished. This makes many hesitate to pick affordable options, worried about resale value or style. It’s a common myth that lower costs come with lower class.

How quality is measured

What makes hardwood high quality? Usually, it’s about thickness, finish, and grain type. Thicker planks last longer and handle wear better. A smooth, high-quality finish looks better and lasts longer. The type of wood grain can also make a big difference. Careful craftsmanship and good materials show off quality, even in affordable floors.

Affordable Hardwood Floor Trends

Trend 1: Wide Planks for a Modern Look

Wide planks are trending now because they give a room a spacious, sleek feel. These larger boards look more expensive and are often cheaper per square foot. They are easier to install and come in many finishes. Sourcing wider planks from local suppliers can save money too.

Trend 2: Reclaimed and Recycled Wood

Reclaimed wood is popular not only because it’s eco-friendly but also because it looks authentic and stylish. Every piece has character, knots, and a weathered charm that high-end flooring can’t match. Plus, using recycled wood often costs less than new, premium hardwood.

Trend 3: Natural, Neutral Color Palettes

Colors like soft browns, greys, and beige are in. These shades make floors look more upscale because they match any decor. Neutral tones also hide dirt better and create a timeless style. It’s easier to update accessories if your flooring stays simple and elegant.

Trend 4: Textured and Hand-Scraped Finishes

Texture adds depth and disguises scratches or dents. Hand-scraped or wire-brushed finishes give a crafted look without the price of custom work. Many affordable engineered hardwoods now come with these textures, saving you money while adding style.

Trend 5: Innovative, Budget-Friendly Materials

Engineered hardwood options have come a long way. They look very real, with detailed grain patterns and matte finishes. Even laminate or hybrid floors mimic the appearance of natural wood perfectly. These materials cost less but can give your space a high-end feel.

hardwood floors
Cheap Doesn’t Mean Cheap Looking: Affordable Hardwood Floors Trends 44

Also read: Secrets to Cleaning Your Home in Half the Time

Tips for Achieving Luxurious Looks on a Budget

Choosing the Right Grade and Finish

Select flooring grades that mimic premium styles. Premium-looking finishes like matte or satin add elegance. You don’t need the top-tier grade to get a rich look — just choose carefully and focus on finish quality.

Proper Installation Techniques

A good installation makes all the difference. Hiring a professional ensures a neat, seamless appearance. If you do it yourself, pay attention to leveling and spacing. Small efforts in installation can make affordable floors look custom and luxury.

Maintenance and Upkeep

Keeping your floors clean is key. Regular sweeping and gentle cleaning extend their life and keep them looking fresh. Avoid harsh chemicals, and use mats to trap dirt. Well-maintained floors look more expensive and last longer, even if they cost less initially.

Real-World Examples of Affordable Hardwood Success

Case Study 1: Chic Urban Apartments

A city apartment used budget-friendly engineered hardwood with a wide plank design. The result? A modern, spacious look that rivaled much more expensive choices. Reclaimed wood accents added character without extra cost.

Case Study 2: Suburban Home Renovation

A family renovated their home on a tight budget. They chose neutral, textured floors with hand-scraped finishes. Proper installation and regular care brought a touch of luxury that impressed even friends and visitors.

Expert Opinions

Many flooring specialists confirm that affordable doesn’t mean low class. Interior designers often mix budget options with high-end accessories to create stunning spaces. They say focus on finish quality, texture, and color for a luxurious look.

Conclusion

Affordable hardwood flooring can look just as classy as high-end options when you pick the right styles and techniques. Trends like wide planks, reclaimed wood, and textured finishes are making budget floors more appealing.

By focusing on quality sourcing, smart design choices, and good upkeep, you can get flooring that feels luxurious without overspending. Remember, style isn’t about cost — it’s about how you choose and care for what you have. So, don’t shy away from budget-friendly hardwood. Instead, let these trends inspire your next home upgrade.

Reference:

ARTISTIC FLOORING

Whether you’re looking for the best flooring options, need a quote, or want to schedule a free flooring consultation, we’re just a call or click away. 

Call Us

+1 (757) 689 1695

Email Us

artisticflooringva@gmail.com


Find Us

3200 Dam Neck Road Suite #110
Virginia Beach, VA 23453

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Why do Businesses Need Human resource Consulting Services?

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Human resource

Human resource consulting firms play a vital role in today’s business landscape. They offer several key benefits and importance to organizations:

Expertise and Specialization:

HR consultants bring specialized knowledge and expertise to the table. They stay up-to-date with the latest HR trends, best practices, and legal regulations. This expertise is precious for businesses without dedicated HR staff or require support in complex HR areas.

Cost-Effective Solutions:

Engaging HR consultants can often be more cost-effective than hiring and maintaining an in-house HR department. Businesses can access high-quality HR services as needed, reducing fixed labor costs.

Customization:

HR consultants tailor their services to meet the specific needs of each client. Whether recruitment, employee training, or policy development, consultants design solutions that align with the organization’s unique goals and challenges.

Objective Perspective:

Consultants offer an objective and impartial perspective on HR matters. They can provide insights and recommendations without being influenced by internal biases or politics, which can be valuable for making difficult HR decisions.

Efficiency and Productivity:

HR consultants can streamline HR processes, making them more efficient. This can improve productivity, as employees spend less time on administrative tasks and more on strategic activities.

Compliance and Risk Management:

HR consultants help organizations comply with labor laws and regulations, reducing the risk of legal issues, fines, and reputational damage. They also assist in implementing best practices for risk management.

Strategic Focus:

Organizations can free up their internal resources by outsourcing HR tasks to consultants to focus on core business activities and strategic initiatives. This can lead to improved business performance and growth.

Scalability:

HR consulting firms can adapt to an organization’s changing needs. Whether a business is expanding, downsizing, or facing other transitions, consultants can provide flexible HR solutions to support these changes.

Access to Technology:

Many HR consulting firms have access to advanced HR technology and software solutions that may be cost-prohibitive for smaller organizations to implement independently. This technology can enhance HR processes and data management.

Talent Acquisition and Development:

HR consultants excel in talent acquisition and development. They can help organizations attract top talent, assess employee potential, and implement training and development programs to improve workforce skills.

Confidentiality:

HR consultants are bound by confidentiality agreements, ensuring that sensitive HR issues and employee data are handled with discretion and professionalism.

Conflict Resolution:

Consultants can mediate and assist in resolving workplace conflicts and issues, promoting a harmonious work environment.

Global Expertise:

 For businesses with international operations, HR consultants with global expertise can help navigate the complexities of international HR regulations and practices.

In summary, human resources consulting firms provide valuable support to organizations by offering expertise, cost-effective solutions, and a strategic approach to managing their workforce.

Their ability to adapt to changing needs, ensure compliance, and improve HR processes makes them an essential resource for businesses looking to thrive in today’s competitive environment.

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PayPal quietly reintroduces $2,500 “misinformation” fine

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PayPal

Not long after issuing an apology and retracting a $2,500 fine to its users, PayPal has quietly re-introduced the fine into their terms of service and legal agreements.

If enforced, the leading payment processor could fine users the hefty $2,500 sum for spreading “misinformation,” or “hate”, or whatever they deem “unfit for publication.”

While the wording has been changed up, the company has listed several things they would consider fining users over, purely based on speech:

PayPal restricted and prohibited activities

  • The promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime
  • Items that are considered obscene
  • Certain sexually oriented materials or services
  • Act in a manner that is defamatory, trade libelous, threatening or harassing
  • Provide false, inaccurate or misleading information

The original documents, which PayPal said were published in error, had much looser language on what would get users fined $2,500 over – namely the “sending, posting, or publication” of any “messages, content, or materials” that are “harmful, obscene, harassing, or objectionable.”

PayPal has seemingly taken a firm stance against adult / pornographic content in both policies, while the former prohibited things that “depict or appear to depict nudity, sexual or other intimate activities” the new policy vaguely prohibits “certain sexually oriented materials or services.”

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