PALM BEACH, Fla., Dec. 16, 2021
PALM BEACH, Fla., Dec. 16, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Travelers opting for lavish vacations or get-away residences look chiefly for comfort and quality of service. To compete in the luxury hotel/resort markets, companies are focused on providing unique customer experiences by investing in infrastructure and technologically advanced appliances. Building customer relations by extending the highest degree of hospitality is also a key area of focus. Major players in the market are integrating room control systems through the Internet of Things (IoT) platform. As a result, guests can control cooling, heating, and lighting in their rooms wirelessly through mobile-based applications. Furthermore, simplified hotel reservation processes have upped demand in recent years. Online hotel bookings are supplemented by readily-available information in the form of photos and videos of the property, along with customer feedback. Reports predict growth in these markets. A report from 360 Market Updates predicted that The Luxury Resort market revenue was Million USD in 2016, grew to Million USD in 2020, and will reach Million USD in 2026, with a CAGR of during 2020-2026, while a report from Grand View Research projected that the global luxury hotel market size is expected to reach USD 115.80 billion by 2025, according to a new report by Grand View Research, Inc., registering a 4.3% CAGR during the forecast period. The market is expected to grow significantly over the forecast period owing to the increasing purchasing power of consumers and the rising number of international as well as domestic tourists on business or leisure trips. Active Companies in the markets today include Gaucho Group Holdings, Inc. (NASDAQ: VINO), Marriott International, Inc. (NASDAQ: MAR), Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND), Viad Corp (NYSE: VVI), American Express (NYSE: AXP).
Grand View continued: "The business hotel segment is expected to dominate the market throughout the forecast period. Thriving business tourism sector and the growing realization of the importance of rejuvenation and relaxation are driving this segment. The holiday hotels segment was valued at a little over USD 21.0 billion in 2017; the airport hotels segment accounted for a revenue share of close to 8.0% the same year. North America is expected to retain its position as a key revenue generator by 2025 owing to an increase in the number of rooms. Expansion of hotel properties in the U.S. by luxury hotel chains such as St Regis, The Ritz-Carlton Hotel Company, L.L.C., Four Seasons Hotels Limited, and Fairmont Hotels & Resorts will also contribute to the market's growth."
Gaucho Group Holdings, Inc. (NASDAQ:VINO) BREAKING NEWS: GAUCHO GROUP HOLDINGS, INC. UNVEILS EXPANDED MASTER PLAN FOR ALGODON WINE ESTATES' 4,138 ACRE LUXURY WINE & WELLNESS DEVELOPMENT IN MENDOZA, ARGENTINA - Gaucho Group Holdings, Inc., a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods and accessories (the "Company" or "Gaucho Holdings"), today announced it has taken a significant step in finalizing the master plan for its Algodon Wine Estates, a 4,138 acre wine, wellness, culinary and sport resort and luxury residential development, in San Rafael, Mendoza, Argentina.
The next stage of the master plan was designed by the architectural planning and design firm EDSA, whose work spans more than 5,000 projects in over 100 countries including Miami's notable 1 Hotel & Homes South Beach, as well as The Dubai Opera House, the Bahamas' Atlantis Resort, and PepsiCo Headquarters in New York.
EDSA plans to position Algodon Wine Estates to meet the current luxury market demand with the goal of creating the most exciting ultra-luxury, residential resort community in South America. These enhancements and new vision seek to encourage worldwide interest in the project, particularly among equally situated luxury brands. EDSA's vision for Algodon Wine Estates includes further building upon the estate's award-winning vineyard development by emphasizing the existing winery and 1946 vines, the local Mendocino culture, as well as the estate's existing terrain, amenities, and features.
The master plan includes development of an additional 200 lots, ranging in size from 2.47 acres to 12 acres. The Company anticipates sales of these additional lots could ultimately generate more than $100 million in revenues. The centerpiece of the master plan is an ultra-luxury 80-room hotel, that will also include 40-60 residences, for which Algodon Wine Estates seeks to co-develop with a world class luxury hospitality brand. This exciting centerpiece is planned for the estate's highest elevation, offering stunning views that go for miles of the surrounding vineyard community and mountain range.
The expanded master plan includes a 27-hole championship-style golf course made up of three 9-hole courses featuring differing kinds of play; such as the 9-hole course that plays though the vineyards as it exists today, another 9-hole course that plays through the desert (with the added benefit of minimizing water consumption), and another 9-hole course that plays through the estate's existing natural vegetation on the north side of the property, which sees a higher elevation with unparalleled views of the mountains.
The master plan also includes expanding upon the existing championship-style tennis facilities with the goal of attracting international tennis tournaments. A new centralized village center and sports club, in and around the current tennis center, is included in the planning. Nearby, an equestrian facility that will include a riding and training center, will be surrounded by equestrian estate lots, and all will be interconnected to equestrian trails throughout the estate.
Additional highlights from the plan include an organic farming area, as well as organic fruit orchards, a boutique distillery, organic/seasonal restaurants, lavender and rose gardens, as well as various hiking, mountain biking, and walking trails that connect the social and residential areas throughout the estate. CONTINUED… Read this full release for Gaucho Group Holdings at: https://www.gauchoholdings.com/news/press
Other recent developments in the markets include:
Marriott International, Inc. (NASDAQ: MAR) - From International Luxury Travel Market (ILTM) Cannes, Marriott International, Inc. recently announced it expects to debut more than 30 luxury hotels in 2022, creating the rare and enriching experiences today's luxury traveler craves with its unmatched portfolio of dynamic luxury brands. Through the world-renowned hospitality hallmarks of The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis, W, The Luxury Collection, EDITION, JW Marriott and Bulgari, Marriott International continues to elevate travel, creating highly contextualized, distinct brand experiences that signal the future of luxury. With an unrivaled network of more than 460 landmark luxury hotels and resorts in 68 countries and territories today, Marriott International is poised to expand its luxury footprint with nearly 190 properties in the development pipeline, including the 30 hotels expected to open in 2022, in iconic as well as emerging destinations from Mexico to Portugal and Australia to South Korea.
"Our guests are seeking deeper, more immersive experiences that allow them to indulge in global exploration while sparking personal regeneration," said Chris Gabaldon, Senior Vice President, Luxury Brands, Marriott International.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND), a global provider of expedition cruises and adventure travel experiences recently announced that it has acquired an 80% stake in Classic Journeys, LLC ("Classic Journeys"), a leading luxury cultural walking tour company. This acquisition further broadens and deepens Lindblad's platform of high-quality experiential product offerings in robust adventure travel sectors, including the cultural walking tour market. Similar to the acquisitions of Natural Habitat, Inc., Off the Beaten Path LLC and DuVine Cycling + Adventure Co., Lindblad will leverage its experience and resources to accelerate the growth of Classic Journeys and capitalize on the growing demand for authentic and immersive adventure travel and wellness around the world.
Since 1995, Classic Journeys has been providing best in class luxury walking tours focusing on engaging experiences that immerse guests into the history and culture of the places they are exploring and the people who live there. Classic Journeys' tours are highlighted by expert and well-connected local guides who live in the regions being explored, luxury boutique accommodations and handcrafted itineraries curated through years of local connections and experience. Whether it is joining a count and countess to walk through vineyards to their villa in Tuscany, pausing an oasis walk to accept an invitation to share mint tea with a Berber tribesman in Morocco, or walking on the tongue of a glacier to a gourmet picnic with Viking-descendant guides in Iceland, Classic Journeys delivers a unique cultural experience where guests can take their time on foot and blend in with the world around them. Classic Journeys has twice been awarded the "World's Best Tour Operator" by Travel + Leisure magazine which is given to the #1 tour operator in its annual readers' survey.
Viad Corp (NYSE: VVI), a leading provider of experiential leisure travel and live events and marketing experiences, recently reported financial results for the 2021 third quarter. Steve Moster, president and chief executive officer, commented, "The third quarter was a pivotal one for our business. Revenue grew to nearly four times the level we experienced in the second quarter and reached 66% of the amount we realized in the pre-pandemic 2019 third quarter. We realized strong flow through to EBITDA and delivered positive operating cash flow that more than offset our investments in capital expenditures."
Moster continued, "With leisure travel continuing to accelerate and events beginning to return to in-person formats, the pandemic recovery has clearly taken hold for both Pursuit and GES. Across Viad, our teams are doing a fantastic job navigating the challenges of the pandemic re-opening to meet the needs of our clients and guests with great service and operational execution."
American Express (NYSE: AXP) and luxury vacation club Inspirato LLC has a partnership to deliver the club's unique vacation experiences under the new brand "Inspirato with American Express," available to all consumers with special benefits to American Express®Cardmembers. The new partnership is designed to accelerate Inspirato's growth and raise awareness with relevant consumers.
"Inspirato and American Express share a similar passion for creating exceptional experiences for members, and delivering best-in-class service. This partnership is an opportunity for us to introduce consumers to an innovative concept in luxury travel, offer American Express Cardmembers special benefits, and share in the future success of Inspirato," said Eric Feldstein, executive vice president, Enterprise Growth, American Express.
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