Report: U.S. corporate travel spend to reach pre-pandemic levels in 2024
Live events drive growth, with 60 percent planning to attend a conference or trade show this year
By Vishnu Rageev RJul 23, 2024
Corporate travel spend 2024
CORPORATE TRAVEL SPEND by U.S. companies is expected to grow 8 to 12 percent, reaching or exceeding pre-pandemic levels by the end of 2024, according to a recent Deloitte study. Around 73 percent of travel managers expect their companies’ travel spend to increase in 2024, while 58 percent expect further increases in 2025, with projected gains averaging 14-15 percent each year.
Deloitte's 2024 corporate travel report, "Upward Climb with Uphill Struggles," found that live events are a top growth driver, with 6 in 10 business travelers expecting to attend a conference, trade show or exhibition this year.
“Business travel has been slower to come back following pandemic slowdowns, but this could be the year that it accelerates to new heights," said Eileen Crowley, Deloitte’s vice chair and U.S. transportation, hospitality and services attest leader. "More employees are traveling for business—and enjoying it—underscoring that in-person connection often remains a critical component. As companies see a renewed benefit in the opportunities business travel provides, business leaders can capitalize on the enthusiasm and prioritize travel experiences that are valuable to both the organization and employee.”
Deloitte's “2024 Corporate Travel Report” is based on two surveys. The first, conducted between May 16 to 18, surveyed 104 U.S.-based corporate travel managers and executives with travel budget oversight. The second, conducted between May 28 and June 3, surveyed 1,389 U.S.-based corporate travelers, 834 of whom oversee travel budgets or approve travel requests for their teams.
Corporate travel on the rise
About 20 percent of travelers expect to take 6 to 10 trips in 2024, up from 15 percent in 2023 and 10 percent expect to take more than 10 trips, up from 7 percent in 2023. Those projecting gains expect an average rise of 14 to 15 percent each year, but this growth is expected to slow by a few percentage points in 2025. The report found that client-related travel is a top driver of trip frequency, with 1 in 5 frequent travelers reporting monthly trips for sales or project work.
Amid the return to conference rooms and airport lounges, 83 percent of those surveyed find business travel "enjoyable" and see both professional and personal value in it. About half, 51 percent, rank networking opportunities and 47 percent cite exploring different cities among the top three benefits of business travel. Many travelers surveyed also find opportunities to enjoy trips without the business: two-thirds of corporate travelers extended a business trip for leisure in 2023, with 1 in 7 doing so three or more times.
Around 63 percent of business travelers expect to attend at least one conference in 2024, while half of travel managers rank industry events as one of the top two growth drivers. While more employees are traveling to attend conferences, they are traveling more frequently for clients. Among frequent travelers, about 23 percent say they traveled once a month or more in the first half of 2024 for client project work or sales and 21 percent for client relationship building, compared to just 13 percent for conferences and exhibitions.
International travel is also on the rise, with growing demand for trips beyond North America, the study revealed. Travel managers surveyed expect the share of total spend on international trips to increase slightly through 2025, citing the easing of entry requirements as the third-biggest driver of trip growth in 2024, behind live event attendance and budget increases.
Cost impacts on the bottom line
Nearly 22 percent of travel managers surveyed say high prices are the biggest drag on trip volume for their companies, with 40 percent ranking prices among the top two concerns. Higher costs also pose challenges for travel suppliers, as many travel managers report that suppliers are adopting tougher negotiating stances.
In an effort to mitigate costs, 55 percent of travel managers surveyed cite booking compliance as a top cost control measure, ahead of all other options. Another half of travel managers report that their companies are encouraging or mandating lower-cost flights. Meanwhile, only 56 percent of travelers who are aware their company has a corporate booking tool or agency say they always book trips through these managed channels.
While frequent travelers might seem less likely to use compliance tools, responses indicate that age is a stronger predictor of booking compliance than travel frequency: Gen X and Boomers are significantly less likely to always use managed channels.
According to the report, flexibility and loyalty are key for those booking directly. The main driver for booking directly with suppliers is the easier management of trip changes, followed by the opportunity to earn loyalty points. Surveyed travelers use online travel agents primarily to find the best deals, 56 percent for airfares and 61 percent for hotels.
‘2030 sustainability goals’
Save water sign label on hotel encourage guest reuse bath towel
Most travel managers believe companies need to reduce travel to meet 2030 sustainability goals. Over half say they need to cut trips by 10 percent to 20 percent. Meanwhile, more travel managers report that their companies are adopting travel-related sustainability measures, encouraging employees to make greener travel choices. One-third of travelers confirm that their companies are urging them to select more sustainable providers for business travel.
“The stabilization of corporate travel holds both opportunities and challenges as the industry adapts to new norms and priorities,” Kate Ferrara, Deloitte’s vice chair and U.S. transportation, hospitality and services non-attest leader. “Travel buyers and suppliers should work together to navigate these shifting dynamics. As companies manage pricing pressures, suppliers who lean into flexibility to help companies meet employee expectations can build loyalty and be well-positioned for the road ahead.”
Overall, companies are more prepared and proactive in their approach to sustainable travel this year: 46 percent report having a strategy to assign travel emission budgets to teams and individuals, up from 30 percent in 2023. Nearly half of travel managers surveyed say they want more assurance that travelers will take action before investing in a more integrated approach to sustainability in their travel purchasing process.
A recent Jenius Bank report found that about 29.3 percent of Americans refuse to cut back on travel despite its non-essential status, while 20.1 percent made their largest one-time payment in 2023 for a vacation.
Global hotel rates are expected to remain stable through 2026, according to AMEX GBT.
New York is a key business travel and meetings destination.
India is likely to be a focus for travel programs during 2026 negotiations.
GLOBAL HOTEL RATES are expected to remain stable through 2026, as geopolitical tensions and potential U.S. tariffs limit demand and constrain price increases, according to American Express Global Business Travel. New York remains a popular destination for business travel and meetings.
AMEX GBT’s Hotel Monitor 2026, an annual forecast of global hotel rates in business travel destinations, identified India as a key market, with hotel rates and occupancy set to rise.
“This year’s forecast reveals a global environment where geopolitical uncertainties are tempering hotel rate increases,” said Dan Beauchamp, Amex GBT’s vice president for consulting. “These insights allow businesses to make more informed travel decisions. Understanding local market conditions will help companies optimize travel budgets and strategies.”
The report also projects continued rate increases for high-end accommodation based on demand.
New York hotel rates are projected to rise 4 percent in 2026. Despite expected softening in inbound U.S. travel from tariff uncertainty, New York remains a leading destination for business travel and meetings. The forecast is based on company data and IMF inflation and GDP projections.
India is expected to see rising hotel rates and occupancy in 2026. Rate growth will be below last year’s levels but above regional and global averages. India is likely to be a focus for many travel programs during 2026 negotiations. Bengaluru, a major technology and AI hub, recorded the country’s highest occupancy and ADR in the first quarter of 2025.
Simon Fishman, Amex GBT’s vice president for global hotels, said data shows news cycles can affect hotel prices in unpredictable ways.
“Amex GBT’s hotel marketplace gives companies access to over two million properties across 180 countries, including more than 45,000 hotels with pre-negotiated discounts and amenities via the Preferred Extras Hotel Program,” he said. “It enables companies of all sizes to adapt to changing business needs while accessing the best rates and traveler experiences.”
A May report by commerce media firm Criteo found that hotel booking values in Asia-Pacific rose 23 percent in early 2025, compared with 2 percent growth in the Americas.
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The Trump administration says it is reviewing more than 55 million visa holders.
Reviews cover a wide range of visas for law enforcement and overstay violations.
The administration also suspended worker visas for foreign commercial truck drivers.
THE TRUMP ADMINISTRATION is reviewing more than 55 million people who hold valid U.S. visas for potential violations. It is expanding a policy of “continuous vetting” that could result in revocation and deportation.
The State Department confirmed all visa holders are subject to ongoing review, which includes checking for overstays, criminal activity, threats to public safety or ties to terrorism. Should violations be found, visas may be revoked, and holders in the U.S. could face deportation, according to the Associated Press.
Officials said the reviews will include monitoring of visa holders’ social media accounts, law enforcement records and immigration files. New rules also require applicants to disable privacy settings on phones and apps during interviews. The department noted visa revocations since President Trump’s return to office have more than doubled compared to the previous year, including nearly four times as many student visas.
The administration also announced an immediate halt on issuing worker visas for foreign commercial truck drivers, with Secretary of State Marco Rubio citing road safety and competition concerns for U.S. truckers.
“The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio posted on X.
The Transportation Department linked the move to recent enforcement of English-language proficiency requirements for truckers, aimed at improving safety. The State Department later said it was pausing visa processing while it reviewed screening protocols.
Critics, including Edward Alden of the Council on Foreign Relations, warned the actions could have significant economic consequences.
“The goal here is not to target specific classes of workers, but to send the message to American employers that they are at risk if they are employing foreign workers,” Alden wrote, according to AP.
Data from the Department of Homeland Security shows there are 12.8 million green card holders and 3.6 million temporary visa holders in the United States. The 55 million figure under review includes many outside the U.S. with valid multiple-entry tourist visas.
Earlier this week, the State Department reported revoking more than 6,000 student visas for violations since Trump returned to office, including around 200 to 300 for terrorism-related issues.
The vast majority of foreign visitors require visas to enter the U.S., with exceptions granted to citizens of 40 countries under the Visa Waiver Program, primarily in Europe and Asia. Citizens of China, India, Russia and most of Africa remain subject to visa requirements.
A $250 Visa Integrity Fee in President Donald Trump’s Big Beautiful Bill drew criticism from groups that rely on seasonal workers from Latin America and Asia on J-1 and other visas.
Peachtree Group originated a $176.5 million retroactive CPACE loan for a Las Vegas property.
The deal closed in under 60 days and ranks among the largest CPACE financings in the U.S.
The company promotes retroactive CPACE funding for commercial real estate development.
PEACHTREE GROUP ORIGINATED a $176.5 million retroactive Commercial Property Assessed Clean Energy loan for Dreamscape Cos.’s Rio Hotel & Casino in Las Vegas. The deal, completed in under 60 days, is its largest credit transaction and one of the largest CPACE financings in the U.S.
The 2,520-room Rio, now under the Destinations by Hyatt brand, was renovated in 2024 and comprises two hotel towers connected by a casino, restaurants and retail, Peachtree said in a statement.
“This transaction is a milestone for Peachtree Group and a testament to the ecosystem we have built over the past 18 years,” said Greg Friedman, Peachtree's managing principal and CEO. “Through our vertically integrated platform, deep expertise and disciplined approach, we have developed the infrastructure to be a leader in private credit. Our ability to deliver speed, creativity and certainty of execution positions us to provide capital solutions that create value for our investors and partners across market cycles.”
Atlanta-based Peachtree is led by Friedman; Jatin Desai as managing principal and CFO and Mitul Patel as principal.
The CPACE loan retroactively funded the renovations, allowing the owners to pay down their senior loan, the statement said. The property improvement plan included exterior work, upgrades to the central heating and cooling plant, electrical infrastructure improvements and convention center renovations.
Jared Schlosser, Peachtree’s head of originations and CPACE, said the deal marks an inflection point, with major financial institutions consenting to its use for the benefit of the capital stack.
“By closing quickly on a marquee hospitality asset, we were able to strengthen the position of both the owner and its lenders,” he said.
The CPACE market has surpassed $10 billion in U.S. originations in just over a decade, according to the C-PACE Alliance, with growth expected as more institutional owners and lenders adopt it.
“We see significant opportunity for retroactive CPACE and its use in funding new commercial real estate development,” Schlosser said. “It is an alternative to more expensive forms of capital.”
In June, Peachtree named Schlosser head of originations for all real estate and hotel lending and leader of its CPACE program. Peachtree recently launched a $250 million fund to invest in hotel and commercial real estate assets mispriced by capital market illiquidity.
Spark acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey.
Hunter Hotel Advisors facilitated the transaction with DC Hospitality Group affiliates.
The 2020-built hotel is near William Paterson University and less than 20 miles from Manhattan.
SPARK GHC RECENTLY acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey, from affiliates of DC Hospitality Group. Hunter Hotel Advisors facilitated the deal for an undisclosed amount.
The 2020-built hotel is less than 20 miles from Manhattan in a commercial corridor with major employers including Driscoll Foods, FedEx Group, Advanced Biotech, St. Joseph’s Wayne Hospital, and the Passaic County Administration, Hunter said in a statement. William Paterson University, Willowbrook Mall, and MetLife Stadium are also nearby.
It features an on-site fitness center, business center and indoor pool.
“The Home2 Suites by Hilton Wayne represents the type of asset we target,” said Patel. “Its proximity to major corporate demand generators, higher education institutions, and retail and entertainment venues supports strong performance.”
Hunter’s senior vice presidents, David Perrin and Spencer Davidson, brokered the transaction.
Patel said this is their second transaction with Hunter and praised the process and partnership.
“We look forward to building on the hotel’s recent performance and continuing to deliver guest experiences in the Greater New York City community,” he said.
Northstar Hotels Management recently acquired a 78-key Residence Inn and an 81-key Courtyard near the Jacksonville, Florida, airport.
Global pipeline hit a record 15,871 projects with 2.4 million rooms in Q2.
The U.S. leads with 6,280 projects; Dallas tops cities with 199.
Nearly 2,900 hotels are expected to open worldwide by the end of 2025.
THE GLOBAL HOTEL pipeline reached 15,871 projects, up 3 percent year-over-year, and 2,436,225 rooms, up 2 percent, according to Lodging Econometrics. Most were upper midscale and upscale, LE reported.
The U.S. leads with 6,280 projects and 737,036 rooms, 40 percent of the global total. Dallas leads cities with 199 projects and 24,497 rooms, the highest on record.
LE’s Q2 2025 Hotel Construction Pipeline Trend Report showed 6,257 projects with 1,086,245 rooms under construction worldwide, unchanged in project count and down 3 percent in rooms from last year. Projects scheduled to start in the next 12 months totaled 3,870 with 551,188 rooms, down 3 percent in projects but up 1 percent in rooms. Early planning reached 5,744 projects and 798,792 rooms, up 10 percent in projects and 9 percent in rooms year-over-year.
Upper midscale and upscale hotels accounted for 52 percent of the global pipeline, LE said. Upper midscale stood at 4,463 projects and 567,396 rooms, while upscale reached 3,852 projects and 655,674 rooms. Upper upscale totaled 1,807 projects and 385,396 rooms, and luxury totaled 1,267 projects and 245,665 rooms, up 11 percent year-over-year.
In the first half of 2025, 970 hotels with 138,168 rooms opened worldwide. Another 1,884 hotels with 280,079 rooms are scheduled to open before year-end, for a 2025 total of 2,854 hotels and 418,247 rooms. LE projects 2,531 hotels with 382,942 rooms to open in 2026 and 2,554 hotels with 382,282 rooms to open globally in 2027, the first time a forecast has been issued for that year.