American Express Global Business Travel’s Hotel Monitor 2020 predicts that hotel prices in most key cities worldwide will experience only modest rises next year.
Rising hotel construction combined with international trade tensions will restrict hotels’ ability to raise room rates, with European forecasts affected by Brexit uncertainty. Germany and the UK lead the hotel construction in numbers of projects. Canada is more likely than the US to see rates rise, with room rates for New York decreasing dramatically.
There are also gloomy forecasts for emerging markets such as South American countries, and the Middle East, where supply outstrips demand. Rates are most likely to increase the most across the APAC region.