A recent report from American Express Global Business Travel has revealed that hotel prices will increase over the next year, with European cities experiencing the biggest increases.
Meanwhile, the Travel Management Company (TMC) 2023 Hotel Prices Report highlighted that hotels face many issues that will increase prices, including staff shortages, dealing with low demand and rising inflation.
According to American Express GBT, hotel prices have increased significantly this year, especially in destinations that lifted their travel restrictions in early 2022, which also led to an influx of mostly leisure visitors.
Additionally, TMC’s forecast states that the EU and Americas region will experience the largest increases in hotel rates through 2023, compared to cities in Asia Pacific, which will experience lower growth.
Among the destinations that will experience the highest price increases in 2023 are the following:
Paris +10 percent,
Stockholm +9 percent
Dublin +8.5 percent
While London, which achieved a record rate of increase in hotel prices this summer, is expected to increase hotel prices again by 6.2 percent next year. At the same time, Amsterdam and Frankfurt will also see a 7.5 percent increase in hotel prices in 2023.
However, the biggest increases that will be felt outside the EU are in cities such as New York with +8.2 percent, Sao Paulo with +7.7 percent, San Francisco with +7.3 percent and Dubai with seven percent.
