Globally, 2016 will show an increase in hotel prices because demand is overtaking supply in every major global region, according to the 2016 Global Travel Price Outlook from the GBTA Foundation and Carlson Wagonlit Travel. Asia Pacific will see hotel prices rise by 3 percent—led by Singapore, Japan, and Australia. In Europe, Middle East, and Africa, hotel prices will see a moderate increase at 1.8 percent, although many European countries will experience price increases in local currency due to exchange rates with the U.S. dollar. Prices in Russia will rise significantly due to the impacts of the drop in oil prices and sanctions on its economy. In Latin America, prices will rise 3.7 percent due to high inflation in some nations, particularly Venezuela and Brazil. In North America, high demand will increase rates by 4.3 percent, driven by economic activity in the Bay Area, Los Angeles, and other major U.S. cities. To access the full report, click here.