Hotel prices in most key cities will experience modest increases in 2020, according to Hotel Monitor 2020, published by American Express Global Business Travel (GBT). A global boom in hotel construction is increasing the supply of guest rooms just as international trade tensions dampen demand. Together, said the report, these factors will restrict the ability of hotels to raise room rates in many business destinations. Joakim Johansson, vice president, global business consulting at GBT, said that despite signs that the global economy is facing challenges, the number of people traveling for business and leisure continues to grow. But in most cities, he said, a full hotel development pipeline means this sustained level of demand will not feed into big rate rises. In the US, Chicago and San Francisco will see the biggest increases in rates (5 percent and 4 percent, respectively), but rates for New York are expected to decrease by 3 percent as 29,000 new rooms become available over the coming months.