Marriott, Hilton, and Hyatt, oh my!
And so far at least, the hotel industry is not seeing any impact from the financial fears dominating headlines either. Instead, its top execs say, the hotel industry is on track for one of the hottest seasons ever. In fact, Hilton's CEOwe've ever seen in our 103-year history this summer," according to CNBC.
He explained the two major factors that are keeping demand high: leisure travelers have sacked away savings, and that corporate balance sheets are highly profitable.In the face of such hot traveler demand, hotels have raised their prices in accordance with market conditions—just as have other industries."The price has gone up for everything, so we're not different than when you go to a gas pump or the grocery store or any other aspect of life," Nassetta told CNBC.
Specifically, he said, travelers should expect higher room rates in high-demand leisure and coastal destinations. With so much pent-up demand, travelers are intent on high-end, bucket-list trips., the CEO of IHG Hotels & Resorts said he only expects demand to continue to grow this summer. And accordingly, he expects room rates to grow too, alongside rising inflation and other costs..
Demand—and prices—are likely to go up even more now that the U.S. has lifted International COVID testing requirements.Demand could increase even further now that the U.S. has dropped its COVID testing requirements for visitors coming from abroad—becoming one of the last countries to do so.
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