Global Five Star Hotel Market Size, Share & Demand Report By Ownership & Operating Model (Chain-Owned & Operated, Franchise Models, Independent Luxury, Asset-Light Contracts), By Location (Urban, Resort, Airport, Heritage & Boutique), By Customer Type (Luxury Leisure, Corporate, MICE, Government/Diplomatic), By Service Model & Property Size Forecasts, 2025–2030

Report Code: RI1964PUB
Last Updated : December, 2025
Author : Abigail Foster

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Five Star Hotel Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Five Star Hotel Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Five Star Hotel Market, By Ownership & Operating Model
    1. Introduction
      1. Market Size and Forecast, By Ownership & Operating Model
    2. Chain-Owned & Chain-Operated Hotels
      1. Market Size and Forecast, By Region
    3. Chain-Owned & Franchise-Operated Hotels
      1. Market Size and Forecast, By Region
    4. Independent Luxury Hotels
      1. Market Size and Forecast, By Region
    5. Asset-Light Management Contract Hotels
      1. Market Size and Forecast, By Region
  10. Five Star Hotel Market, By Location
    1. Introduction
      1. Market Size and Forecast, By Location
    2. Urban & Metropolitan Hotels
      1. Market Size and Forecast, By Region
    3. Resort & Leisure Destination Hotels
      1. Market Size and Forecast, By Region
    4. Airport & Transit-Oriented Hotels
      1. Market Size and Forecast, By Region
    5. Heritage & Boutique Hotels
      1. Market Size and Forecast, By Region
  11. Five Star Hotel Market, By Customer Type
    1. Introduction
      1. Market Size and Forecast, By Customer Type
    2. Luxury Leisure Travelers
      1. Market Size and Forecast, By Region
    3. Business & Corporate Travelers
      1. Market Size and Forecast, By Region
    4. MICE 
      1. Market Size and Forecast, By Region
    5. Government, Diplomatic & High-Security Guests
      1. Market Size and Forecast, By Region
  12. Five Star Hotel Market, By Service & Experience Model
    1. Introduction
      1. Market Size and Forecast, By Service & Experience Model
    2. Traditional Full-Service Luxury Hotels
      1. Market Size and Forecast, By Region
    3. Experiential & Lifestyle Hotels
      1. Market Size and Forecast, By Region
    4. Wellness & Medical Tourism Hotels
      1. Market Size and Forecast, By Region
    5. Ultra-Luxury / Personalized Butler-Service Hotels
      1. Market Size and Forecast, By Region
  13. Five Star Hotel Market, By Property Size
    1. Introduction
      1. Market Size and Forecast, By Property Size
    2. Large Hotels 
      1. Market Size and Forecast, By Region
    3. Mid-Sized Hotels 
      1. Market Size and Forecast, By Region
    4. Small & Exclusive Hotels 
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Ownership & Operating Model
          1. Chain-Owned & Chain-Operated Hotels
            1. Chain-Owned & Franchise-Operated Hotels
              1. Independent Luxury Hotels
                1. Asset-Light Management Contract Hotels
                2. By Location
                  1. Urban & Metropolitan Hotels
                    1. Resort & Leisure Destination Hotels
                      1. Airport & Transit-Oriented Hotels
                        1. Heritage & Boutique Hotels
                        2. By Customer Type
                          1. Luxury Leisure Travelers
                            1. Business & Corporate Travelers
                              1. MICE 
                                1. Government, Diplomatic & High-Security Guests
                                2. By Service & Experience Model
                                  1. Traditional Full-Service Luxury Hotels
                                    1. Experiential & Lifestyle Hotels
                                      1. Wellness & Medical Tourism Hotels
                                        1. Ultra-Luxury / Personalized Butler-Service Hotels
                                        2. By Property Size
                                          1. Large Hotels 
                                            1. Mid-Sized Hotels 
                                              1. Small & Exclusive Hotels 
                                            2. U.S.
                                              1. By Ownership & Operating Model
                                                1. Chain-Owned & Chain-Operated Hotels
                                                  1. Chain-Owned & Franchise-Operated Hotels
                                                    1. Independent Luxury Hotels
                                                      1. Asset-Light Management Contract Hotels
                                                      2. By Location
                                                        1. Urban & Metropolitan Hotels
                                                          1. Resort & Leisure Destination Hotels
                                                            1. Airport & Transit-Oriented Hotels
                                                              1. Heritage & Boutique Hotels
                                                              2. By Customer Type
                                                                1. Luxury Leisure Travelers
                                                                  1. Business & Corporate Travelers
                                                                    1. MICE 
                                                                      1. Government, Diplomatic & High-Security Guests
                                                                      2. By Service & Experience Model
                                                                        1. Traditional Full-Service Luxury Hotels
                                                                          1. Experiential & Lifestyle Hotels
                                                                            1. Wellness & Medical Tourism Hotels
                                                                              1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                              2. By Property Size
                                                                                1. Large Hotels 
                                                                                  1. Mid-Sized Hotels 
                                                                                    1. Small & Exclusive Hotels 
                                                                                  2. Canada
                                                                                2. Europe
                                                                                  1. Market Size and Forecast
                                                                                    1. By Ownership & Operating Model
                                                                                      1. Chain-Owned & Chain-Operated Hotels
                                                                                        1. Chain-Owned & Franchise-Operated Hotels
                                                                                          1. Independent Luxury Hotels
                                                                                            1. Asset-Light Management Contract Hotels
                                                                                            2. By Location
                                                                                              1. Urban & Metropolitan Hotels
                                                                                                1. Resort & Leisure Destination Hotels
                                                                                                  1. Airport & Transit-Oriented Hotels
                                                                                                    1. Heritage & Boutique Hotels
                                                                                                    2. By Customer Type
                                                                                                      1. Luxury Leisure Travelers
                                                                                                        1. Business & Corporate Travelers
                                                                                                          1. MICE 
                                                                                                            1. Government, Diplomatic & High-Security Guests
                                                                                                            2. By Service & Experience Model
                                                                                                              1. Traditional Full-Service Luxury Hotels
                                                                                                                1. Experiential & Lifestyle Hotels
                                                                                                                  1. Wellness & Medical Tourism Hotels
                                                                                                                    1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                    2. By Property Size
                                                                                                                      1. Large Hotels 
                                                                                                                        1. Mid-Sized Hotels 
                                                                                                                          1. Small & Exclusive Hotels 
                                                                                                                        2. U.K.
                                                                                                                          1. By Ownership & Operating Model
                                                                                                                            1. Chain-Owned & Chain-Operated Hotels
                                                                                                                              1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                1. Independent Luxury Hotels
                                                                                                                                  1. Asset-Light Management Contract Hotels
                                                                                                                                  2. By Location
                                                                                                                                    1. Urban & Metropolitan Hotels
                                                                                                                                      1. Resort & Leisure Destination Hotels
                                                                                                                                        1. Airport & Transit-Oriented Hotels
                                                                                                                                          1. Heritage & Boutique Hotels
                                                                                                                                          2. By Customer Type
                                                                                                                                            1. Luxury Leisure Travelers
                                                                                                                                              1. Business & Corporate Travelers
                                                                                                                                                1. MICE 
                                                                                                                                                  1. Government, Diplomatic & High-Security Guests
                                                                                                                                                  2. By Service & Experience Model
                                                                                                                                                    1. Traditional Full-Service Luxury Hotels
                                                                                                                                                      1. Experiential & Lifestyle Hotels
                                                                                                                                                        1. Wellness & Medical Tourism Hotels
                                                                                                                                                          1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                          2. By Property Size
                                                                                                                                                            1. Large Hotels 
                                                                                                                                                              1. Mid-Sized Hotels 
                                                                                                                                                                1. Small & Exclusive Hotels 
                                                                                                                                                              2. Germany
                                                                                                                                                              3. France
                                                                                                                                                              4. Spain
                                                                                                                                                              5. Italy
                                                                                                                                                              6. Russia
                                                                                                                                                              7. Nordic
                                                                                                                                                              8. Benelux
                                                                                                                                                              9. Rest of Europe
                                                                                                                                                            2. APAC
                                                                                                                                                              1. Market Size and Forecast
                                                                                                                                                                1. By Ownership & Operating Model
                                                                                                                                                                  1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                    1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                      1. Independent Luxury Hotels
                                                                                                                                                                        1. Asset-Light Management Contract Hotels
                                                                                                                                                                        2. By Location
                                                                                                                                                                          1. Urban & Metropolitan Hotels
                                                                                                                                                                            1. Resort & Leisure Destination Hotels
                                                                                                                                                                              1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                1. Heritage & Boutique Hotels
                                                                                                                                                                                2. By Customer Type
                                                                                                                                                                                  1. Luxury Leisure Travelers
                                                                                                                                                                                    1. Business & Corporate Travelers
                                                                                                                                                                                      1. MICE 
                                                                                                                                                                                        1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                        2. By Service & Experience Model
                                                                                                                                                                                          1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                            1. Experiential & Lifestyle Hotels
                                                                                                                                                                                              1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                2. By Property Size
                                                                                                                                                                                                  1. Large Hotels 
                                                                                                                                                                                                    1. Mid-Sized Hotels 
                                                                                                                                                                                                      1. Small & Exclusive Hotels 
                                                                                                                                                                                                    2. China
                                                                                                                                                                                                      1. By Ownership & Operating Model
                                                                                                                                                                                                        1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                                                          1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                                                            1. Independent Luxury Hotels
                                                                                                                                                                                                              1. Asset-Light Management Contract Hotels
                                                                                                                                                                                                              2. By Location
                                                                                                                                                                                                                1. Urban & Metropolitan Hotels
                                                                                                                                                                                                                  1. Resort & Leisure Destination Hotels
                                                                                                                                                                                                                    1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                                                      1. Heritage & Boutique Hotels
                                                                                                                                                                                                                      2. By Customer Type
                                                                                                                                                                                                                        1. Luxury Leisure Travelers
                                                                                                                                                                                                                          1. Business & Corporate Travelers
                                                                                                                                                                                                                            1. MICE 
                                                                                                                                                                                                                              1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                                                              2. By Service & Experience Model
                                                                                                                                                                                                                                1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                                                                  1. Experiential & Lifestyle Hotels
                                                                                                                                                                                                                                    1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                                                      1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                                                      2. By Property Size
                                                                                                                                                                                                                                        1. Large Hotels 
                                                                                                                                                                                                                                          1. Mid-Sized Hotels 
                                                                                                                                                                                                                                            1. Small & Exclusive Hotels 
                                                                                                                                                                                                                                          2. Korea
                                                                                                                                                                                                                                          3. Japan
                                                                                                                                                                                                                                          4. India
                                                                                                                                                                                                                                          5. Australia
                                                                                                                                                                                                                                          6. Singapore
                                                                                                                                                                                                                                          7. Taiwan
                                                                                                                                                                                                                                          8. South East Asia
                                                                                                                                                                                                                                          9. Rest of Asia-Pacific
                                                                                                                                                                                                                                        2. Middle East and Africa
                                                                                                                                                                                                                                          1. Market Size and Forecast
                                                                                                                                                                                                                                            1. By Ownership & Operating Model
                                                                                                                                                                                                                                              1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                                                                                                1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                                                                                                  1. Independent Luxury Hotels
                                                                                                                                                                                                                                                    1. Asset-Light Management Contract Hotels
                                                                                                                                                                                                                                                    2. By Location
                                                                                                                                                                                                                                                      1. Urban & Metropolitan Hotels
                                                                                                                                                                                                                                                        1. Resort & Leisure Destination Hotels
                                                                                                                                                                                                                                                          1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                                                                                            1. Heritage & Boutique Hotels
                                                                                                                                                                                                                                                            2. By Customer Type
                                                                                                                                                                                                                                                              1. Luxury Leisure Travelers
                                                                                                                                                                                                                                                                1. Business & Corporate Travelers
                                                                                                                                                                                                                                                                  1. MICE 
                                                                                                                                                                                                                                                                    1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                                                                                                    2. By Service & Experience Model
                                                                                                                                                                                                                                                                      1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                                                                                                        1. Experiential & Lifestyle Hotels
                                                                                                                                                                                                                                                                          1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                                                                                            1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                                                                                            2. By Property Size
                                                                                                                                                                                                                                                                              1. Large Hotels 
                                                                                                                                                                                                                                                                                1. Mid-Sized Hotels 
                                                                                                                                                                                                                                                                                  1. Small & Exclusive Hotels 
                                                                                                                                                                                                                                                                                2. UAE
                                                                                                                                                                                                                                                                                  1. By Ownership & Operating Model
                                                                                                                                                                                                                                                                                    1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                                                                                                                                      1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                                                                                                                                        1. Independent Luxury Hotels
                                                                                                                                                                                                                                                                                          1. Asset-Light Management Contract Hotels
                                                                                                                                                                                                                                                                                          2. By Location
                                                                                                                                                                                                                                                                                            1. Urban & Metropolitan Hotels
                                                                                                                                                                                                                                                                                              1. Resort & Leisure Destination Hotels
                                                                                                                                                                                                                                                                                                1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                                                                                                                                  1. Heritage & Boutique Hotels
                                                                                                                                                                                                                                                                                                  2. By Customer Type
                                                                                                                                                                                                                                                                                                    1. Luxury Leisure Travelers
                                                                                                                                                                                                                                                                                                      1. Business & Corporate Travelers
                                                                                                                                                                                                                                                                                                        1. MICE 
                                                                                                                                                                                                                                                                                                          1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                                                                                                                                          2. By Service & Experience Model
                                                                                                                                                                                                                                                                                                            1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                                                                                                                                              1. Experiential & Lifestyle Hotels
                                                                                                                                                                                                                                                                                                                1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                                                                                                                                  1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                                                                                                                                  2. By Property Size
                                                                                                                                                                                                                                                                                                                    1. Large Hotels 
                                                                                                                                                                                                                                                                                                                      1. Mid-Sized Hotels 
                                                                                                                                                                                                                                                                                                                        1. Small & Exclusive Hotels 
                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                        1. By Ownership & Operating Model
                                                                                                                                                                                                                                                                                                                          1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                                                                                                                                                                            1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                                                                                                                                                                              1. Independent Luxury Hotels
                                                                                                                                                                                                                                                                                                                                1. Asset-Light Management Contract Hotels
                                                                                                                                                                                                                                                                                                                                2. By Location
                                                                                                                                                                                                                                                                                                                                  1. Urban & Metropolitan Hotels
                                                                                                                                                                                                                                                                                                                                    1. Resort & Leisure Destination Hotels
                                                                                                                                                                                                                                                                                                                                      1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                                                                                                                                                                        1. Heritage & Boutique Hotels
                                                                                                                                                                                                                                                                                                                                        2. By Customer Type
                                                                                                                                                                                                                                                                                                                                          1. Luxury Leisure Travelers
                                                                                                                                                                                                                                                                                                                                            1. Business & Corporate Travelers
                                                                                                                                                                                                                                                                                                                                              1. MICE 
                                                                                                                                                                                                                                                                                                                                                1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                                                                                                                                                                                2. By Service & Experience Model
                                                                                                                                                                                                                                                                                                                                                  1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                                                                                                                                                                                    1. Experiential & Lifestyle Hotels
                                                                                                                                                                                                                                                                                                                                                      1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                                                                                                                                                                        1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                                                                                                                                                                        2. By Property Size
                                                                                                                                                                                                                                                                                                                                                          1. Large Hotels 
                                                                                                                                                                                                                                                                                                                                                            1. Mid-Sized Hotels 
                                                                                                                                                                                                                                                                                                                                                              1. Small & Exclusive Hotels 
                                                                                                                                                                                                                                                                                                                                                            2. Brazil
                                                                                                                                                                                                                                                                                                                                                              1. By Ownership & Operating Model
                                                                                                                                                                                                                                                                                                                                                                1. Chain-Owned & Chain-Operated Hotels
                                                                                                                                                                                                                                                                                                                                                                  1. Chain-Owned & Franchise-Operated Hotels
                                                                                                                                                                                                                                                                                                                                                                    1. Independent Luxury Hotels
                                                                                                                                                                                                                                                                                                                                                                      1. Asset-Light Management Contract Hotels
                                                                                                                                                                                                                                                                                                                                                                      2. By Location
                                                                                                                                                                                                                                                                                                                                                                        1. Urban & Metropolitan Hotels
                                                                                                                                                                                                                                                                                                                                                                          1. Resort & Leisure Destination Hotels
                                                                                                                                                                                                                                                                                                                                                                            1. Airport & Transit-Oriented Hotels
                                                                                                                                                                                                                                                                                                                                                                              1. Heritage & Boutique Hotels
                                                                                                                                                                                                                                                                                                                                                                              2. By Customer Type
                                                                                                                                                                                                                                                                                                                                                                                1. Luxury Leisure Travelers
                                                                                                                                                                                                                                                                                                                                                                                  1. Business & Corporate Travelers
                                                                                                                                                                                                                                                                                                                                                                                    1. MICE 
                                                                                                                                                                                                                                                                                                                                                                                      1. Government, Diplomatic & High-Security Guests
                                                                                                                                                                                                                                                                                                                                                                                      2. By Service & Experience Model
                                                                                                                                                                                                                                                                                                                                                                                        1. Traditional Full-Service Luxury Hotels
                                                                                                                                                                                                                                                                                                                                                                                          1. Experiential & Lifestyle Hotels
                                                                                                                                                                                                                                                                                                                                                                                            1. Wellness & Medical Tourism Hotels
                                                                                                                                                                                                                                                                                                                                                                                              1. Ultra-Luxury / Personalized Butler-Service Hotels
                                                                                                                                                                                                                                                                                                                                                                                              2. By Property Size
                                                                                                                                                                                                                                                                                                                                                                                                1. Large Hotels 
                                                                                                                                                                                                                                                                                                                                                                                                  1. Mid-Sized Hotels 
                                                                                                                                                                                                                                                                                                                                                                                                    1. Small & Exclusive Hotels 
                                                                                                                                                                                                                                                                                                                                                                                                  2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                  3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                  4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                  5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                  6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                              3. Competitive Landscape, 2024
                                                                                                                                                                                                                                                                                                                                                                                                1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                2. Five Star Hotel Market Share Analysis, 2024 (%)
                                                                                                                                                                                                                                                                                                                                                                                                  1. Market Share Analysis, 2024
                                                                                                                                                                                                                                                                                                                                                                                                  2. Competition Ranking, 2024
                                                                                                                                                                                                                                                                                                                                                                                                  3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                    1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                    2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                    3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                  4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                              4. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                1. Marriott International
                                                                                                                                                                                                                                                                                                                                                                                                  1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                  2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                  3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                  4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                2. Hilton Worldwide
                                                                                                                                                                                                                                                                                                                                                                                                3. Accor
                                                                                                                                                                                                                                                                                                                                                                                                4. Hyatt Hotels Corporation
                                                                                                                                                                                                                                                                                                                                                                                                5. InterContinental Hotels Group (IHG)
                                                                                                                                                                                                                                                                                                                                                                                                6. Four Seasons Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                7. Mandarin Oriental Hotel Group
                                                                                                                                                                                                                                                                                                                                                                                                8. Shangri-La Group
                                                                                                                                                                                                                                                                                                                                                                                                9. Rosewood Hotel Group
                                                                                                                                                                                                                                                                                                                                                                                                10. Kempinski Hotels