. It goes up; it goes down | Meetings & Conventions Asia

It goes up; it goes down

The report contains a handy 2019 pricing forecast for 150 key cities around the world. (Photo Credit: Solovyova/GettyImages)
The report contains a handy 2019 pricing forecast for 150 key cities around the world. (Photo Credit: Solovyova/GettyImages)

The American Express Global Business Travel (GBT) recently published their Hotel Monitor 2019 report, and the findings are interesting to say the least. 

According to the report, geopolitical factors, along with global, regional and local economics, are driving a range of conditions for those negotiating hotel rates in key business destinations. Also, the report contains a 2019 pricing forecast for 150 key cities around the world, plus a white paper on accommodations programme optimisation. 

Some highlights include the fact that traveller security and political unrest are expected to be catalysts for significant rate fluctuations globally, and demand for more security-compliant properties is growing - particularly in upscale hotels; The Asia-Pacific region is anticipated to account for nearly two-thirds of global growth, which may lead to rising hotel rates as well; limited supply growth combined with steady demand is boosting rates in many European destinations. However, in the Middle East, oversupply and other factors are pushing prices down in some Gulf states. 

Harris Manlutac, head of global business consulting APAC, American Express GBT, had this to say about the year ahead, "As we enter hotel RFP season, overarching global and market tendencies will play a critical role in the operational and financial success of travel programmes. Reviewing how others have adapted to changing business conditions provides an important opportunity to identify best strategies and ensure time and resources are utilised in the most cost-efficient way possible."