Report: Hotel Rates Will Increase Worldwide in 2023
Skift Take
- A 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.
- Choice Hotels International announced the opening of the first Everhome Suites hotel, debuting in Corona, California.
- HN Capital Partners announced the acquisition of the historic Rosewood Mansion on Turtle Creek, an iconic century old former private estate in Dallas.
A 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.
E&M Strategic Developments plans to build a 141 room Homewood Suites by Hilton Hotel and Conference Center on the former Sanford Brown College site in Skokie, Illinois. The hotel is one component of a $400 million downtown redevelopment plan. The Hilton hotel will replace the Sanford Brown College office bu
