New Delhi: Mumbai is the second city in the world after Buenos Aires (Argentina) where hotel prices are expected to rise. Three Indian cities figure among the top ten around the world where hotel prices are set to soar most dramatically-along with how much more you can expect to pay in local currency, compared to last year. Chennai follows Mumbai closely behind and then there is Delhi.
Buenos Aires takes this year’s crown, with rates that are set to jump by 17% year over year, according to the Hotel Monitor 2024 report from American Express Global Business Travel released Thursday. It examines how hotel prices are fluctuating in more than 80 cities around the world, with forecasts based on criteria such as currently listed prices, broader macroeconomic trends, hotel pipelines and historic data, Bloomberg reported.
Hotel prices reflect much more than a destination’s current popularity with travellers. In the Argentina capital, rates are largely being driven by the country’s ongoing hyperinflation crisis, which in September reached its worst levels since 1991. (Notably, the Amex study calculates rate hikes in the local currency.) In other words, the rising prices in Buenos Aires are still likely to translate to deep savings for almost anyone visiting from abroad, according to the report.
Prices are expected to rise at least somewhat in all 80 cities examined in the report.
Second-place Mumbai has a more straightforward narrative. Its hotels are expected to rise in cost by 15% year over year; that’s undoubtedly a product of fast-growing domestic wealth and a long-delayed post-pandemic travel recovery. And given both of those factors apply countrywide, it’s no surprise that India claims three cities in the report’s top 10 list: Chennai and Delhi ranked fourth and seventh, respectively.
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