After years of being locked down due to the pandemic, people are already going back to vacationing like they used to. In fact, last May, leisure travel and vacation business flights had revenues that exceeded 2019. This was the first time since the pandemic began that this type of growth was recorded.
However, this increase in the number of vacationers is causing prices to increase as well, and this includes to both airline tickets and hotel rooms. Hotel room prices are rising in many hotel chains and the trend is not expected to slow down any time soon.
The CEOs of Hilton, Marriott and IHG Hotels & Resorts hotels have already announced that their room rates will be increasing, according to CNBC.
The reason for the prices is inflation, which has made the prices of practically all products more expensive.
Another factor that could cause prices to increase even more in the near future is that the President Joe Biden has decided that foreign travelers no longer have to be tested for COVID-19 before entering the US
Previously, foreign tourists were required to show proof that they tested negative for COVID-19 before flying to the US
This will cause more people to travel to the United States, so demand will cause prices continue to rise.
Keith Barr, CEO of IHG Hotels & Resorts, said demand for hotel rooms is likely to increase for at least the rest of the year with more to come price increases.
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