The global hotel industry is expected to gross $426 billion this year, and more than one-third of that value will come from Asia. Besides topping in total revenue, the region is also home to some of the world’s most luxurious hotels, which outperform those in the United States and Europe by a large margin.
According to data presented by Stocklytics.com, eight out of ten of the best hotels in the world in 2024 are in Asia; only two are from Europe, and the United States had none on this list.
Asia has the Most Luxurious Hotels and the Fastest-Growing Hotel Industry
For years, Asia has been the single largest player in the global hotel industry in terms of revenue and the number of users, and there are many reasons for that. The growing middle class, with increased disposable income, has been fueling both domestic and international tourism, while destinations like Thailand, Bali, and Japan continue attracting millions of visitors each year. Medical and wellness tourism is also thriving, particularly in Thailand and India. At the same time, business hubs in cities like Singapore, Hong Kong, and Tokyo drive demand for business hotels and MICE tourism.
In response to the influx of tourists, Asia started investing heavily in new hotels, both for luxury travelers seeking high-end experiences and budget travelers looking for affordable accommodation. Many of these in the first category are among the best hotels in the world.
According to the World’s 50 Best Hotels list, Asia convincingly dominates this year`s edition, with 19 hotels appearing in total, four of which are in Thailand’s Bangkok. In comparison, Europe has 13 listed hotels in France, the United Kingdom, and Italy, while North America has only nine properties featured.
The top ten list also proves Asian dominance in the luxury hotel segment. The ranking, based on the answers of anonymous voters from across the globe, including travel journalists, hoteliers, and seasoned luxury travelers, showed eight out of ten best hotels in the world in 2024 are in Asia, with Capella Bangkok, located on the banks of the Chao Phraya River, as the first name on the list.
Only two hotels from the top ten list are from Europe- Passalacqua on Italy’s Lake Como, which placed second, and Cheval Blanc in Paris, which ranked fourth. North America, particularly the United States, didn`t have a single hotel on the top ten list. The top-performing US hotel is The Carlyle, located on New York’s Upper East Side, ranked 30th on the top 50 list.
Besides being the home country to most luxury hotels, Asia also has the fastest-growing hotel industry, outgrowing even the global market. According to a Statista insights survey, the region`s hotel sector will grow by 21% and hit over $182 billion value by 2029. The North American and European markets will increase by 20% and 15% in this period, generating $151 billion and $131 billion in revenue, respectively.
Asian Hotels to Gross Almost $850 Billion in the Next Five Years
With luxury and budget hotels in Asia counting more visitors than ever, the region`s hotel revenue will explode in the following years. According to Statista, the Asian hotel industry is expected to gross almost $850 billion in the next five years, $150 billion more than hotels in North America and $220 more than those in Europe.
Also, the number of people visiting Asian hotels each year will jump by 70% in this period, rising from 560 million to 950 million, making nearly half of all hotel visitors worldwide.
