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Hotel rates in London are likely to increase 9.1% in 2024, despite an expected softening of leisure travel demand, according to the latest annual hotel monitor from American Express.
Amex data found that rates in more locations globally during 2024 are likely to continue to rise, despite an expected softening of leisure travel demand.
The hotel monitor, which forecasts hotel price trends in more than 80 major cities, found that rates could rise by as much as 17.5% in some cities, where tight supply combined with local conditions push the average cost of a room upwards.
The rate increases follow large price jumps in 2022 and 2023, fuelled by a surge of so-called “revenge tourism”, while softening leisure travel demand should be replaced by the continued uptick in business travel and meetings and events.
Simon Fishman, VP of global hotel at Amex GBT, said: “With the softening of leisure travel demand, we and our corporate customers have an improved position at the negotiating table, meaning we can make even more rates available to travellers.
“It’s also the right time to make sure a hotel program is fit for the future. More than ever, it’s about presenting travellers with relevant and personalised options. One might want the best rate, while another will prioritise amenities and experience.”
He added: “Whatever choice they make, we want those guests to be recognized as Amex GBT travellers and to receive the highest level of service that status provides. We’re working with our accommodation partners to make that happen.”
