Hotel prices reflect much more than a destination’s current popularity with travelers.
In the Argentina capital, rates are largely being driven by the country’s ongoing hyperinflation crisis, which in September reached its worst levels since 1991. In other words, the rising prices in Buenos Aires are still likely to translate to deep savings for most anyone visiting from abroad.
Rounding out the top 10 are cities where tourism has been booming. Whereas Cairo has benefited from a largely leisure-driven audience, Chicago, Paris and Boston rank in the top 10 thanks to gains in business travel. The region with the most moderate rate increases is Australasia, where no single city is seeing projected increases greater than 6.8%.
“Where there is lagging supply but demand remains high, rates will also rise,” Reimer says. The inverse can also be true. Rates are predicted to rise only moderately in cities such as Riyadh and New York City, which will add a large number of new hotel rooms in the coming year. The report predicts that prices in those markets will be up 4.6% and 6.8%, respectively.
“Although there’s been a lot of talk with respect to the continuation of remote work, we’re seeing some kinds of business travel actually surpassing 2019 levels,” Reimer says. Specifically, it’s people traveling for trade shows or small internal meetings of 20 people or fewer, he says. At some companies, he adds, trips related to those more-intimate corporate functions have surpassed 2019 levels by as much as 25%. “We think that that will continue to be our fastest growing segment,” Reimer says.
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