Hotel Rates Projected to Jump in 2023 Due to Rising Meetings Demand
Skift Take
Surging hotel rates are poised to make planning business trips even harder for corporate travel managers already dealing with decreased travel budgets.
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Sunday, October 2, 2022A new American Express Global Business Travel report suggests hotel rates worldwide will increase again in 2023 thanks to pent up demand for in-person meetings. They expect the rate of increase to be lower than in 2022 due to the economic climate. The report highlights rising hotel rates due to inflation and the challenge of increased corporate and leisure demand. The report also flags hotel efforts to recoup income losses from the pandemic exacerbated by rising labor costs, the combination of which will be challenging to corporate hotel program managers, some already struggling to secure accommodations and discounted rates.
Skift Note: U.S. companies were already were planning to cut bus
