The recent Hotel Monitor 2020 report by American Express Global Business Travel (GBT) with the support of Global Business Consulting (GBC) predicts highest room rate growth for Bengaluru among the key cities in the Asia Pacific region next year. The report predicts up to 5% room rate growth in the IT capital of India next year.
As the country’s hi-tech hub, the Hotel Monitor reports a huge demand for business travel into the city next year. Despite the double-digit supply growth, the report hopes the city hotels to lead the APAC hotel rate growth at 5%.
The report predicts up to 4% room rate growth for Tokyo, 3% for Hong Kong, 1% for Beijing and 1% for Sydney. Kuala Lumpur, Shanghai, Melbourne and Singapore are expected to have a hotel rate growth of 2%, according to the report.
The study says that although inbound leisure and business are key drivers for hotels in the Asia Pacific, increasingly domestic travellers are filling hotel beds, compensating for any falls in international visitor numbers. The report, according to GBC has been compiled taking into account historical booking data for every city and region for the past seven years.
One interesting trend for traveller behaviour in many regions, observed by GBT local experts, is that modern business travellers are increasingly looking for lodging options that offer shared working spaces and a more relaxing environment. In response, hotel brands are investing in lifestyle formats that feel less corporate.
Key new additions for Bangalore going forward are the Four Seasons, Radisson Red and The Fern, the report says. At the same time, the Indian Machine Tool Manufacturers’ Association will organize its flagship IMTEX Forming 2020 at the Bangalore International Exhibition Centre in January 2020. Billed as the largest event of its kind in South East Asia, IMTEX is expected to bring more than 80,000 visitors to the city, the report notes.
The report, according to GBC has been compiled taking into account historical booking data for every city and region for the past seven years.
Among the other regions, Johannesburg (4%) and Tel Aviv (6%) are the two cities in the Middle East and Africa which are expected to see growth in rates. While Dubai rates are expected to remain same at current levels, cities like Doha, Riyadh, etc. are expected to register a sharp fall in hotel rates in 2020.
Across much of the world, the hotel industry is booming. Business and leisure volumes are growing, even as international trade tensions continue to dampen the economic outlook. A healthy global hotel construction pipeline will mean, in most cities, hotel rates remain stable or see only modest rises, the report says.
One interesting trend for traveller behaviour in many regions, observed by GBT local experts, is that modern business travellers are increasingly looking for lodging options that offer shared working spaces and a more relaxing environment. In response, hotel brands are investing in lifestyle formats that feel less corporate.
Digital innovation is driving change across the hotel landscape, creating new opportunities to drive savings and improve the traveller experience, the study notes prominently.
