(2016 July) IFJ Luxury Resorts

Page 1


text : : sylvia khan inputs : : divya jain, swapna desai, vaishnavi uchil

LUXURY RESORTS bucking global trends, the luxury market has seen remarkable growth. rising standards of living, a burgeoning tourism industry, better service and online access have all fueled this, growth, while clever business and marketing strategies create and build brand awareness

The numbers are impressive. The global luxury hotels market was valued at USD 148.6 bn in 2014 and is expected to reach USD 195.3 bn by 2021, rising at a compound annual growth rate (CAGR) of 4.0 per cent from 2015 to 2021. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World, with North America holding a dominant share in the global luxury hotels market in 2014. Analysts predict that this dominance will continue in the forecast period.

le mĂŠridien thimphu, bhutan | ark reza kabul architects pvt. ltd., mumbai

le méridien thimphu, bhutan | ark reza kabul architects pvt. ltd., mumbai

Despitethe recent downturn in the economy, the Indian luxury market is expected to cross USD 18.3 billion by 2016 from the current USD 14.7 billion, growing at a CAGR of about 25 per cent (Source: ASSOCHAM) due to increasing brand awareness and growing purchasing power of the upper classes in tier II and tier III cities. Luxury resorts are differentiated from their less glamorous counterparts by the single element of design and Indian luxury resorts have seen a drastic change in the design of interior spaces over the last few decades as design moves from the functional to the experiential. In terms of such large spaces, design has reached a new level where it integrates with the guest rather than simply being high-tech or incorporating elements of luxury. Design is articulated in an attempt to offer a unique and exclusive experience, and resorts have begun to incorporate amenities that offer the guest both convenience and more personalized service. Luxury resorts have also evolved in terms of safety and security, automated technology and ergonomics and made unique by utilizing local and traditional crafts.

newer level where it integrates with the guest. While several have already incorporated the use of room automation such as lighting, temperature, blinds, and entertainment consoles from the guests’ smart phone, there is a niche set of hotels that allow guests the ability to check in and out, select their rooms, and check maps from their smart phones. However, all the technological enhancements are there only to enhance the experience and they need a room that is luxurious, comfortable, and fits the guest’s lifestyle.” In recent times, economic necessity has forced several resorts to make an effort to attract corporate groups for business meetings and conferences (the MICE segment) as they are a major contributor to the industry at large. This market requires premium facilities and services, and planners usually want a self-contained resort with everything in house, including a multitude of recreational activities.

Analystssay luxury resorts will expand their own boundaries by themselves becoming holiday destinations, offering customization on all aspects from providing amenities to specialized personal services. To thrive in an increasingly competitive Ar. Reza Kabul, Director, ARK Reza Kabul Architects market segment, luxury resorts will have to focus Pvt. Ltd., Mumbai,says, “Hotels have come beyond on amenities and services such as health spas and opulence and high-end décor. In their attempt to fitness facilities, soft adventure programs and game offer an overall experience, hotels have begun to zones. It is expected that Indian resorts will maintain incorporate amenities that have gone from being their edge with the perfect blend of cultural heritage simply high-tech and incorporating automation, to a and modern technology in their design vocabulary.

le méridien thimphu, bhutan | ark reza kabul architects pvt. ltd., mumbai