As the world reopens for travelers following the COVID-19 pandemic, there’s a global trend of skyrocketing hotel prices.
A recent report highlights a significant surge in hotel room rates, especially in major cities worldwide. The report identifies ten cities where hotel prices have surged by over 10 percent.
Expensive Stays in Major Cities
A Bloomberg report, based on data from the 2024 American Express Hotel Monitor, reveals that Buenos Aires, the capital of Argentina, tops the list for the city where hotel prices are expected to increase the most.
The report predicts a potential rise of up to 17 percent in hotel rates in Buenos Aires.
The American Express Hotel Monitor compiles this list by analyzing fluctuations in hotel prices across 80 global cities, considering current rates, global circumstances, and historical data.
According to David Reimer, Executive Vice President of American Express, this surge in hotel rates is a widespread trend affecting all 80 cities, indicating that travelers may have to budget more for their future trips.
Indian Cities Also Affected
The report doesn’t spare Indian cities either, with Mumbai taking the second spot on the list. Hotel prices in Mumbai are projected to increase by 15 percent this year.
Additionally, Chennai ranks fourth, and Delhi is seventh on this list. Chennai is expected to see a 14.6 percent hike in hotel rates, while Delhi’s rates may go up by 12 percent.
Top 10 Cities with Expected Hotel Price Surges
According to the 2024 American Express Hotel Monitor report, after Buenos Aires and Mumbai, Cairo, the capital of Egypt, ranks third for expected hotel price increases.
The list also includes Bogotá in Colombia, Chicago in the United States, Paris in France, Boston in the United States,and Jakarta in Indonesia.
These cities are all facing significant hotel rate hikes in the coming year.
