by Jen Mallia
Last updated: 11:40 AM ET, Tue September 16, 2025
American Express Global Business Travel (Amex GBT) has just released its “Hotel Monitor 2026,” its latest edition of the annual look at anticipated hotel rate trends globally, based on Amex GBT data and International Monetary Fund (IMF) economic projections.
“This year’s forecast reveals a nuanced global environment where geopolitical uncertainties are tempering hotel rate increases,” said Dan Beauchamp, Vice President for Consulting, Amex GBT. “These insights allow businesses to make more informed travel decisions in an increasingly complex landscape.”
Overall, hotel prices are predicted to stay fairly stable around the world. Rising rates will be curtailed by “geopolitical instability and uncertainty surrounding potential U.S. tariffs,” which the report cites as key to limiting demand and restricting sharp increases.
The outlier to this trend of steady hotel rates? Canada.
Canadian Hotel Prices
Presumably buoyed by our booming domestic travel surge and a limited number of hotel rooms (although there are several exciting developments in the pipeline), rates in Canada, specifically in major cities, are set to rise steeply.
Compare this with the U.S., where the report finds “Uncertainty over US tariffs could have a variable impact on hotel rates in North America in the year ahead. In the US, we expect price rises to be moderate, tempered by a projected downturn in inbound demand.”
Data from the report indicates: “Canada could see larger price increases than its southern neighbors; even with a growing supply of hotel rooms, our modeling indicates that rates for Toronto could rise by as much as +5.8%,” the report states. That compares with increases of +4 percent in New York, +3 percent in Miami and Las Vegas, and +2 percent in Mexico City.
In additional Canadian data provided by Amex GBT, Vancouver is forecast for an even steeper increase of +6.2%, while Montreal is projected to rise by +1.8%.”
Global Rates
In other areas of the world, prices are rising at a mostly moderate rate, although there are exceptions. In Europe, London is forecast at +4.2% and Paris at +2.4%, while Madrid is projected at +4.8%. London’s pipeline of 80 hotel projects, adding nearly 15,000 rooms, is expected to temper stronger increases.
In Asia, Hong Kong is forecast to decline by –1.2%, while Beijing is expected to rise +1.5%. India remains a growth leader, with Bengaluru, dubbed the “Silicon Valley of India”, projected at a steep +6.4% following strong performance in 2025.
In Latin America, Buenos Aires is forecast to increase by +5.6% and Rio De Janeiro by +5 percent. In the Middle East, Riyadh is projected at +2.3% and Dubai at +2 percent, with development pipelines again keeping growth moderate.
Pricing Trends
The rates at which prices increase isn’t just affected by geography. The type of property also plays a part. High-end hotels are expected to record the strongest increases. “Luxury could buck the stability trend, as affluent leisure travellers continue to spend, pushing up rates for top-tier accommodation,” said Sara Andell, Director of Consulting Strategy at Amex GBT, in a letter introducing the report. “Corporates who put their travellers in luxury and upper-upscale hotels could be paying more for the privilege.”
The full report can be accessed here.
Topics From This Article to Explore
