Where can we expect hotel prices to go in 2024? According to Hotel Monitor 2024, a forecast compiled by the American Express Global Business Travel (Amex GBT) Consulting team, rates might start to level off in the coming year. That said, a hotel stay will likely cost you more no matter which region you visit in 2024.
Just how high will rates go? Our Amex GBT Consulting team has crunched the data to forecast changes in hotel prices in more than 80 cities. Here’s a list of the top global business hubs we predict will have the highest projected year-over-year hotel rate increases for 2024.
- Buenos Aires, up 17.5%. According to data from Cirium Diio Mi, Argentina is one of the fastest growing Latin American destinations. But the main reason why the capital city has the highest rate forecast in our Hotel Monitor? The country’s persistent inflation.
- Mumbai, Chennai, and Delhi, up 15%, 14.6%, and 12.0%, respectively. With India’s booming economy and uptick in visitors boosting demand, we anticipate double-digit rate growth across the nation’s key business destinations.
- Cairo, up 14.6%. We also anticipate double-digit rate increases in Egypt’s capital city, fueled by booming tourism.
- Bogota, up 14.1%. Despite expectations that Colombia’s high inflation will descend, our team predicts hotel rates to climb significantly in the capital city.
- Chicago, up 12.6%. We’re excited about the return of major trade shows but foresee the higher demand to drive prices up in key convention cities in the United States, including the Windy City.
- Paris, up 11%. Expect the 2024 Olympic Games in July-September to significantly impact hotel availability and price in the French capital region. During this period of very high demand, we may see prices double or even triple.
- Jakarta, up 10.9%. We’re forecasting a double-digit rate increase for Indonesia’s capital, driven by strong economic forecasts and an influx of visitors.
- Amsterdam, up 10.8%. Leisure demand continues to drive up prices in the Dam City. The Netherlands hot spot is so popular, in fact, that it’s taken steps to deter tourists, such as banning cruise ships and hiking its tourism tax.
Want to learn more about hotel rate predictions in your travel program’s top destinations and what you can do to find a deal? Check out the Hotel Monitor 2024.
For bespoke insights you can use to optimize your hotel program, contact the hotel team at Amex GBT Consulting.