AmexGBT Publication Predicts 2019 Hotel Pricing Around The World
Bruce Parkinson, Open Jaw
American Express GBT has released Hotel Monitor 2019, the first of a regular series of publications.Future editions will analyze air and ground transport.
According to AmexGBT’s analysis, travel managers should prepare for a diverse and complex hotel market in 2019. The report finds that geopolitical factors together with global, regional and local economics are driving a diverse range of conditions for those negotiating hotel rates for 2019.
The data includes hotel price predictions for 150 key cities around the world. They range from steep rises to sharp falls, reflecting the wide variety of local market conditions that travel buyers face when budgeting and managing their accommodation programs.
Tourism is booming in Canada. Recently announced initiatives to increase Chinese travel to Canada in 2018 and beyond means Vancouver and Toronto will be the country’s most visited destinations by Chinese tourists. This will have an impact on rates.
In Vancouver, convention business has increased by 92%, with six low-season conventions contributing towards the overall increase in business travel.
Hotel rates in Toronto are anticipated to rise by 7% in 2019. That’s the highest increase in the Americas except for Buenos Aires, where hotel rates are predicted to soar 21%.
City-by-city hotel pricing for 150 key destinations around the world, with an overall average 2% rise globally in hotel rates.
Globally, growing demand for hotel supply often outpaces room availability.
Traveller security and political unrest are expected to catalyze significant rate fluctuations globally, and drive demand for more security-compliant properties.
The APAC region is anticipated to account for nearly two-thirds of global growth, with around 5.6% GDP growth in 2018 and 2019.
In addition to the rates and insights in the Hotel Monitor 2019, GBT’s corresponding Smarter Buying White Paper is a guide for buyers on how to build a better hotel program for next year, with specific information based on program scale and experience.
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years, Bruce uses the pre-dawn hours to prepare a daily news and information package to keep industry members up to date.