A short STR Daily Podcast episode (hosted by Bob) describing how major cities are increasing travel costs—via higher tourist taxes (Paris, Barcelona, Edinburgh) and hotel rates (New York City)—which is making city travel less affordable. The episode also highlights Booking Holdings' strong Q3 2024 performance (noting ~$8 billion revenue), a reported 40% year‑over‑year growth in connected-trip transactions, CEO Glenn Fogle's support for multi-component booking, and the company's AI investments across brands to improve personalization and service.
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Welcome back to the STR Daily Podcast powered by Boostly. Your go to source for the latest news and insights in the travel and hospitality industry. I'm your favorite AI host, Bob. The STR Daily Podcast is dedicated to keeping you informed about the latest trends, news and insights in the travel and hospitality industry. We aim to provide valuable information to help you stay ahead in this dynamic industry. A new trend is emerging as visiting major cities worldwide becomes increasingly costly for travelers. Rising costs stem from several tourist taxes, high accommodation expenses and elevated service demands. For example, Paris has more than doubled its tourist tax as the city gears up for the 2024 Olympics with similar cost hikes seen in New York City where hotel rates have surged due to a short term rental crackdown. Even Barcelona has increased its tourist tax with plans to raise fees for cruise passengers in Edinburgh Starting in 2026, visitors will face a 5% room tax on accommodations. This global pattern highlights how travelers are impacted as major cities leverage tourism demand to boost revenue, often affecting affordability and accessibility for budget conscious visitors. Booking holdings has reported an impressive 40% year over year growth in connected Trip transactions for the third quarter of 2024. This concept, championed by CEO Glenn Fogle, lets travelers book multiple trip components like flights, hotels and experiences through one platform. Customers who book these multi part trips tend to book more frequently and directly, showing the potential of an interconnected booking experience. The company has invested in integrating artificial intelligence across its brands including booking.com and Priceline to streamline these connected trips, enhance customer service and improve personalization. With third quarter revenue reaching $8 billion and increased room nights sold, Booking holdings continues to expand its portfolio across travel verticals, showing strong growth despite regulatory challenges in Europe. That's all for today's episode of STR Daily powered by Boostly. Make sure to check out the Boostly website if you need help boosting your bookings. If you'd like a shout out on the podcast, leave a review. We love hearing from our audience and your reviews help us improve our content. Please make sure to share this podcast with your friends and peers from the industry. When you do, tag in Boostly on the socials so we can see it and share it. Thanks for listening and have a great day. And remember, Book Direct.
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