Luxury hotels, a growing market

If you have never been in a luxury hotel, now is your time. This type of hotels are competing more fiercely, in our country and abroad, and prices are more and more similar to 4 star and superior 4-star accommodations, democratizing their offer without losing quality, exclusiveness and experience.  Quite the opposite.

Luxury industry is fashionable. Business sector moves around 1.3 trillions of euros in all the world and it does not stop. Just between 2010 and 2012, luxury products consumption increased by 34% all over the world, and by 2% in Europe, according to the data collected by Bain & Company “Worldwide Personal Luxury Goods Market Trend” and  “Wealth Report’s Attitudes Survey 2014” by Knight Frank and Ledbury Research.

Another report, in this case by Boston Counsulting Group, indicates that most of those aforementioned trillions belong to luxury experiences, including trips and restaurants, 5 star hotels, culture…

Both big and small hotel chains in Spain have noticed the opportunity provided by this constant growth and now we can see valuable alternatives such as Barceló resorts, Melià’s theme hotels, Petit Palace’s urban hotels… A consolidated trend in luxury tourist destinations as well as in classic sun and beach areas and medium sized cities.

The Grand example

One of the most outstanding Spanish examples, offering top level services and facilities for luxury tourists, is The Grand Collection created by Iberostar Hotels & Resorts and characterized by its 5 star resorts in Tenerife and its luxury hotel in Budapest, among others.

The keys of Grand Hotels are directly related to the needs of 5 star accommodations guests: travellers looking for top quality products and facilities, requesting personalized attention and small details making the difference.

Gastronomy is a basic mainstay for these exclusive luxury hotels. Grand Hotel Mencey, for example, is renowned for being the most emblematic hotel in Santa Cruz de Tenerife. A hotel that has opened its doors to the most famous actors, politicians, sportsmen… Nevertheless, one of its main attractions is its excellent cuisine: La Cocina del Mencey is a gourmet restaurant in Santa Cruz de Tenerife with a cookery classroom where we can enjoy haute-cuisine courses during the entire year with world-renowned chefs.

The case of this historic luxury hotel in Tenerife agrees with Boston Counsulting Group’s report: currently, most of the succeeding luxury restaurants are related to 5 star hotels, making part of a more global experience. In Spain, it is usual that important chefs take charge of luxury accommodation’s kitchens in cities such as Madrid, Barcelona or in top level tourist destinations such as golf hotels in Majorca or Marbella.

IBEROSTAR Grand Hotel Salome hotel

IBEROSTAR Grand Hotel Salome hotel

Experiential luxury

Gourmet plans, however, are just some of the many experiences that make part of the called experiential luxury, where 5 star tourism in more and more exotic destinations is the latest trend. Paying for living unique experiences generates a market that handles more than 300.000 billions of euros per year, according to the aforementioned reports.

But classic tourist destinations are not left behind, actually, countries like Spain, France and the Italian Tuscany are some of the most profitable places in this sense. Golf and adventure sports, relax, beauty, wellness and, of course, gastronomy, are the main services luxury tourists seek in these destinations.