Luxury hotels experienced a particularly sharp decline in retail current value sales in 2020 as tourism in France was severely restricted. From March 2020, luxury hotels suffered during the three months of the first national lockdown.
Prior to the outbreak of COVID-19, around four fifths of luxury hotels clients came from other countries. As most of these visitors could not visit in 2020, sales dropped dramatically.
Almost all luxury hotels were impacted by effects of the pandemic in 2020 and 2021. In general, however, independent hotels suffered less than chains.
France will have to wait many years before business travel fully recovers, meaning that the full recovery to pre-pandemic sales will also be towards the end of the forecast period. Expenditures/receipts could be even slower to recover with the explosion of working from home practices, new company management, and new sales methods, face-to-face meetings are increasingly being seen as less necessary.
Luxury hotels in rural and provincial areas of France are set to recover more quickly than those in Paris. Throughout the pandemic, Paris has seen elevated COVID-19 rates, and is expected to continue to be a hub for COVID-19 infection as long as the virus remains a threat.
The short-term rental business was already becoming a growing obstacle for luxury hotels in the review period as terror attacks in 2016 incentivised wealthy clients to seek their holidays outside of the main city centres. The major online platform Airbnb is now booming with luxury apartment listings and Parisian luxury hotels can no longer hide their concerns over this growing threat to business.
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Luxury: includes luxury and upper upscale hotels. Would generally include 5-star hotels and above, but may include some “4.5-Star” outlets, provided that the brands positioning warrants it. The luxury classification is primarily determined by the brand’s positioning and marketing, which will be at the high-end. Brand examples include Marriott, Hilton, Sofitel and InterContinental.See All of Our Definitions
This report originates from Passport, our Luxury Hotels (5-star plus) research and analysis database.
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