Hong kong tourism board los angeles6/23/2023 ![]() One main reason for this unprecedented downturn in the hospitality industry is the steep drop in tourist activities worldwide. ![]() 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. 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.ĬOVID-19 to Create Widespread Instability in the Hospitality Industry Pune, India, Ap(GLOBE NEWSWIRE) - 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.
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