Welcome to Hotel Monitor 2024
After three rollercoaster years, will the hotel sector stabilize in 2024?
We’ve crunched the data to forecast hotel rate movement in more than 80 cities – and consulted our global network of hotel specialists – to find the answer. Yes, rate rises should moderate compared to the increases we saw last year. For one, there are signs that the wave of leisure demand which pushed up prices is now subsiding. Talking to clients, we detect growing resolve to challenge price increases. And on the supplier side, the rising number of unsolicited bids suggests that hotels are ready to engage with corporate customers. But the ride’s not over yet. Prices are likely to continue to rise in the year ahead, albeit at a slower pace. Supply continues to lag demand in many destinations, with forecasts indicating that development will be slow for some time to come. And organizations are still getting to grips with new working patterns and the drive for greater social responsibility.
With so much change and uncertainty out there, corporates need to get equipped with quality insights into hotel price moves and pricing dynamics.
In Hotel Monitor 2024, the American Express Global Business Travel (Amex GBT) Consulting team sets out our forecast for hotel prices in the world’s key business destinations. We also explore the factors driving price and offer strategic advisory to help you build a strong accommodation program. For bespoke insights you can use to optimize your hotel program, get in touch with the hotel team at Amex GBT Consulting.
Dan Beauchamp Head of Consulting Amex GBT
Amex GBT used Prophet time series modeling to generate the hotel rate forecasts in Hotel Monitor. The data for the analysis came from Amex GBT’s vast data lake. Inflation is an important factor in hotel price rises so we have put International Monetary Fund (IMF) inflation forecasts at the center of our predictive model. Prices are in local currency.
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