World Cup Host Cities Miss Tourism Targets as Hotels Cut Rates From 500% Price Spikes
Updated
Updated · The New York Times · Jun 19
World Cup Host Cities Miss Tourism Targets as Hotels Cut Rates From 500% Price Spikes
3 articles · Updated · The New York Times · Jun 19
Summary
Hotel bookings in several World Cup host cities, including New York, Toronto and Miami, are running below year-ago levels even after room rates fell sharply from early tournament peaks.
Prices had been pushed as high as 500% above normal, but weaker demand forced declines in cities such as Vancouver and Monterrey, prompting some fans to cancel and rebook cheaper stays.
International travel has also lagged: pre-June flight bookings from the EU to most host cities fell from last year, with New York JFK down more than 15% and San Francisco nearly 10%.
New York's hotel industry halved its World Cup revenue-growth forecast to $100 million, while FIFA canceled up to 70% of room blocks in several cities, reinforcing complaints of overstated early demand.
Kansas City has been a bright spot, posting 32% booking growth and a 2,143% jump in Argentina-origin air bookings, but even there visitors are staying for shorter periods than expected.