ORONTO — Hotel rates have soared since the pandemic – but there might be just a little bit of stability in the forecast.

That’s the takeaway from the just-released Amex GBT Hotel Monitor 2026.

Global hotel rates are expected to remain relatively stable through 2026, “with geopolitical instability and uncertainty surrounding potential U.S. tariffs limiting demand and restricting sharp increases,” according to the new report.

There is a caveat. While the outlook for 2026 hotel rates overall is mostly moderate, Amex GBT’s consulting team predicts continued rises in rates for high-end accommodation, due to growing demand.

There are also steeper increases expected for hotel rates in Canadian cities.

In major cities worldwide, hotel rates will continue to inch up. That’s saying something, based on how high they are already. In New York City, Amex GBT pegs the 2026 increase at 4%, and in L.A., 2.2%. The expected increase for London hotel rates is 4.2%, and in Paris, 2.4%. Tokyo hotel rates look to edge up 2.5%, and in Rio, hotel rates are expected to climb 5%.

Toronto hotel rates meanwhile are expected to increase 5.8%. Montreal rates could tick up 1.8%, and Vancouver is forecast for an even steeper increase of 6.2%.

Amex GBT’s report highlights tariff uncertainty as a potential factor for hotel pricing in the region: “Uncertainty over U.S. tariffs could have a variable impact on hotel rates in North America in the year ahead. In the U.S., we expect price rises to be moderate, tempered by a projected downturn in inbound demand. Canada could see larger price increases than its southern neighbours, even with a growing supply of hotel rooms.”

Dan Beauchamp, Vice President for Consulting, Amex GBT, said: “This year’s forecast reveals a nuanced global environment where geopolitical uncertainties are tempering hotel rate increases. These insights allow businesses to make more informed travel decisions in an increasingly complex landscape.”

Sara Andell, Director of Consulting Strategy at Amex GBT, added: “Luxury could buck the stability trend, as affluent leisure travellers continue to spend, pushing up rates for top-tier accommodation. Corporates who put their travellers in luxury and upper-upscale hotels could be paying more for the privilege.”

The full report can be found here.