In 2023, the problems that have plagued hotels around the world will only continue and intensify, which will lead to an increase in hotel prices. The price increase will mainly affect Europe and North America, in the hotels of Asian countries, the increase will most likely be less. At the same time, we are talking about price growth until 2022, during which time hotel prices have already increased significantly.
Among the problems that hoteliers will have to compensate for are, first of all, the lack of staff and rising inflation; and the latter will not only increase the hotel’s own costs, but also contribute to a decrease in demand. These are the main factors identified in the Travel Management Company (TMC) report on hotel rates for 2023. It predicts that the EU and North and South America will see the largest increase in hotel prices compared to cities in the Asia-Pacific region, where growth will be smaller.
In turn, American Express Global Business Travel cites the following likely leaders of hotel price growth. In Europe they will be:
- Paris – 10%
- Stockholm – 9%
- Dublin – 8.5%
- Amsterdam – 7.5%
- London – 6.2%
Outside the EU, the ranking of hotel price growth is headed by:
- New York – 8.2%,
- Sao Paulo +7.7%,
- San Francisco +7.3%
- Dubai 7%.
As for the main areas of Asia, price growth is predicted to be more modest there. In Singapore, Tokyo and Hong Kong, hotel prices will increase by 3.9%, 3% and 1.3%, respectively.