New York’s luxury hotel industry is on the brink of a historic boom, with hotel owners and operators on both sides of the Atlantic predicting that the industry will soon see a spike in bookings.
According to a survey released Tuesday by the National Hotel Association, New York City, the largest and most expensive market in the country, will see a 30 percent increase in hotel bookings over the next two years.
This will be due to an increase in both demand and prices, said John Leggett, president and CEO of the National Hotels Association.
The average price for a New York room in February rose by 12 percent to $2,717, compared to the same month last year, according to the survey.
A typical room in San Francisco will increase by 10 percent in that time period, the survey found.
In London, London, the most expensive city in the world, will also see a rise in bookers and more than double the number of guests in the next year.
The survey found that the number from hotels in the city will increase 10 percent year-over-year.
In the United Kingdom, a 20 percent jump in bookbacks will mean an increase of between 20 and 50 percent in the number people bookings annually, the research found.
The increase will be even more pronounced in Wales, where bookings in January and February increased by about 20 percent and 30 percent, respectively.
The U.K. has seen a steady increase in the amount of money that people are spending on hotels and other travel, and that trend will continue, Legget said.
The U.S. will also have a major impact, he said.
In New York, the average bookings will increase from $1,965 per person to $1.5 million, according the survey, which found that a hotel room in New York will cost an average of $1:4,700.
A hotel room that will cost $1 million will cost about $12,000 to $16,000, depending on where you are staying, the poll found.
The average room in Las Vegas will increase 14 percent in price, from $2.3 million to $3.3 in 2018, while in London, it will increase 9 percent, from £1,350 to £1.75 million.
The increase in book bookings is not all due to the U.N. climate change accord, however.
Leggitt said there are other factors that will also make the industry more expensive.
“The most common way for a hotel to get people is through a convention or a festival, which are much more expensive than the hotel room,” Leggetts said.
“The hotels are becoming more expensive because they’re more efficient and less vulnerable to weather.”