Amex GBT projects higher 2024 hotel rates, occupancy

The company used its internal data coupled with International Monetary Fund's inflation forecasts to forecast hotel rate movement in more than 80 cities

Global hotel rates will increase in 2024 amid continued inflation and variable supply and demand scenarios, impacting both transient travel and major meeting and convention destinations in the United States, according to a new report from American Express Global Business Travel's consulting team.

Key takeaways

• Corporate travel and the return of major events will drive demand in large cities in the United States, while leisure demand will normalize from last year;
• Amex GBT forecasts the largest U.S. city hotel rate jump in 2024 in Chicago at 12.6 percent year over year. Boston follows at 11.3 percent and San Jose at 10.2 percent. Dallas is projected to see an 8.2 percent increase year over year, according to Amex GBT, higher than New York at 6.8 percent;
• Amex GBT consultants had a few suggestions for buyers to mitigate rate spikes, including the opportunity to consolidate transient and meetings spend data and "unlock rich insights" that could increase leverage, if companies can also bring the two sides together on a buying strategy.

Get the full report at Amex GBT