Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

World News

Hotel prices to rise at lower rate in 2023 in major business events cities — report

MADRID — Hotel prices will keep increasing in 2023 in most of the key cities for business events worldwide as demand for in-person meetings after pandemic disruptions grows, though at a slower pace due to a worsening economic outlook, American Express Global Business Travel said in its annual forecast. 

Corporate travel managers and buyers have been dealing with difficulties in securing accommodation at good prices, while hotels struggle with inflation and talent shortages amid a rebound in tourism and business events, the consulting firm said. 

“While hotels can continue to benefit in 2023 from pent up demand for in-person meetings and events, the global economic outlook is unlikely to allow them to achieve rate rises on the same scale as seen in 2022”, the report added. 

Rates in London are forecast to rise by up to 6.2% next year as hotels face inflationary cost increases for labor and energy, the study said. In Paris, room rates may rise up to 10%, as the French capital is set to host events such the Rugby World Cup and will be in preparations for the 2024 Summer Olympics. 

New York should see hotel prices increase by 8.2% in 2023, driven by demand for in-person meetings and sustained by resilient leisure demand, it said. 

Cities like Madrid and Barcelona will increase hotel prices in line with the rest of the main business cities in Europe, with average hikes of around 7.2% and 6.6%, respectively. 

The company said forecasting hotel prices after two years of pandemic-related travel disruptions and uncertainty over the global economy was challenging, and that the data team combined historical transaction data with macroeconomic factors to generate the prices forecast for 2023. — Reuters

    You May Also Like


    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...


    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...


    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 | All Rights Reserved