LONDON — European markets closed lower on Wednesday as investors considered key data from the region and awaited the U.S. Federal Reserve interest rate decision.

The pan-European Stoxx 600 index closed 0.49% lower, with regional bourses and sectors mostly pulling back. Utilities fell 0.78%, while food and beverage stocks shed 1%.

In Europe, U.K. inflation figures for August were published Wednesday, coming in at 2.2% according to data from the Office for National Statistics. That was unchanged from July and in line with expectations.

The data comes ahead of the Bank of England meeting and interest rate policy decision scheduled for Thursday. It is a busy week for central banks, with the Bank of Japan and the U.S. Federal Reserve also scheduled to meet.

The Fed is all but guaranteed to announce an interest rate cut on Wednesday, which would be its first since it started hiking rates in March 2022.

Traders are however split about the magnitude of the cut. Chances of a 50-basis-point reduction have been rising in recent days and last stood at 65% according to CME Group’s FedWatch tool.

U.S. stocks were little changed ahead of the Fed decision, due at 7 p.m. London time (2 p.m. ET).

Asia-Pacific markets traded mixed on Wednesday.

What has 101 suites and villas, views over Bangkok’s Chao Phraya river and costs from $600 per night?

Capella Bangkok, 2024’s ‘best’ hotel in the world, according to ’50 Best.’

That’s the collective view of 600 anonymous global voters, comprising travel journalists, hoteliers and seasoned travel specialists, which determined the results of “The World’s 50 Best Hotels,” announced Tuesday in London’s historic Guildhall.

The hotel climbed 10 places, up from No. 11 on the 2023 list. It has five dining options, including a one Michelin-starred restaurant by chef Mauro Colagreco, plus a “spa sanctuary” called Auriga, and seven riverside villas with private plunge pools.

Following the awards ceremony, the hotel’s General Manager John Blanco told CNBC Travel: “I think we’re numb! So unexpected, flattering, all the adjectives you can think of. For a small brand like Capella … it’s just wonderful recognition for our people. I’m sure everyone back home is celebrating.”

The hotel’s director of sales and marketing, Josephine Ping, added: “We focus on giving guests a true Thai experience. It’s a great reward for everyone and their hard work. Our location is truly unique, local, authentic with a sense of place on the ‘River of Kings.'”

In 2023, bragging rights in the inaugural hotel awards went to Passalacqua in Italy’s Lake Como, which slipped one place to No. 2 in this year’s list.

This is the second time the 50 Best organization has released hotel rankings. It has long produced rankings in the culinary world, releasing “The World’s 50 Best Restaurants” since 2002, and ‘The World’s 50 Best Bars’ since 2009.

The ’50 best’ hotels in the world

Here’s the complete list:

1. Capella Bangkok, Bangkok, Thailand
2. Passalacqua, Lake Como, Italy
3. Rosewood Hong Kong, Hong Kong
4. Cheval Blanc, Paris, France
5. The Upper House, Hong Kong
6. Raffles Singapore, Singapore
7. Aman Tokyo, Tokyo, Japan
8. Soneva Fushi, Maldives
9. Atlantis The Royal, Dubai, UAE
10. Nihi Sumba, Sumba Island, Indonesia
11. Claridge’s, London, UK
12. Mandarin Oriental Bangkok, Bangkok, Thailand
13. Raffles London at The OWO, London, UK
14. Four Seasons Bangkok at Chao Phraya River, Bangkok, Thailand
15. Hôtel de Crillon, Paris, France
16. Chablé Yucatán, Chocholá, Mexico
17. Hotel du Cap-Eden-Roc, Antibes, France
18. Maroma, Riviera Maya, Mexico
19. Four Seasons Firenze, Florence, Italy
20. Borgo Santandrea, Amalfi, Italy
21. Desa Potato Head, Bali, Indonesia
22. Bulgari Tokyo, Tokyo, Japan
23. The Lana, Dubai, UAE
24. Rosewood São Paulo, São Paulo, Brazil
25. The Calile, Brisbane, Australia
26. The Siam, Bangkok, Thailand
27. Park Hyatt Kyoto, Kyoto, Japan
28. Mount Nelson, Cape Town, South Africa
29. One&Only Mandarina, Riviera Nayarit, Mexico
30. The Carlyle, New York, U.S.
31. La Mamounia, Marrakech, Morocco
32. Four Seasons Madrid, Madrid, Spain
33. Capella Singapore, Singapore
34. Four Seasons at The Surf Club, Surfside, U.S.
35. Hotel Bel-Air, Los Angeles, U.S.
36. Eden Rock, St. Barths, Caribbean
37. Aman New York, New York, U.S.
38. Royal Mansour, Marrakech, Morocco
39. Amangalla, Galle, Sri Lanka
40. Le Bristol, Paris, France
41. Gleneagles, Auchterarder, Scotland
42. Castello di Reschio, Lisciano Niccone, Italy
43. Suján Jawai, Rajasthan, India
44. Singita – Kruger National Park, Kruger National Park, South Africa
45. Six Senses Zighy Bay, Zighy, Oman
46. The Connaught, London, UK
47. The Brando, Tetiaroa, French Polynesia
48. Hotel Esencia, Tulum, Mexico
49. The Tasman, Hobart, Australia
50. Kokomo Private Island, Yaukuve Levu Island, Fiji

The 2024 list features hotels from dozens of destinations across six continents.

Asia is home to the most hotels on the list with 19 spots, followed by Europe with 13, North America with nine, Africa and Oceania with four each, and South America with one.

The top-ranked hotel on each continent are:

• Asia —  Capella Bangkok (No. 1)
• Europe —  Passalacqua (No. 2)
• North America —  Chablé Yucatan (No. 16)
• South America Rosewood Sao Paulo (No. 24)
• Oceania — The Calile (No. 25)
• Africa — Mount Nelson (No. 28)

For travelers looking for a city break, Bangkok represents the top urban destination on the list with four hotels; followed by London and Paris, with three each; then Hong Kong, Tokyo, Singapore and New York, with two each.

Other awards

The ’50 Best’ organization also announced individual awards for standout hotels in specific categories.

The Highest New Entry Award went to Raffles London at the OWO (No. 13) while The Highest Climber Award was claimed by Atlantis The Royal in Dubai, moving 35 positions from No. 44 to No.9.

Bulgari Tokyo (No. 22) was the highest-ranked hotel to open within the two-year voting window and was therefore named “Best New Hotel,” while The Peninsula Istanbul, which only opened last year, was named the “One to Watch” for showing the greatest potential to break into the top 50 list in the future.  

The Art of Hospitality Award went to Morocco’s Royal Mansour,  and the Best Beach Hotel Award went to Soneva Fushi in The Maldives.

The  Best Boutique Hotel Award was claimed by Passalacqua in Lake Como and the Eco Hotel Award was awarded to Maroma Riviera Maya in Mexico’s Yucatan Peninsula for “its commitment to both people and planet.”

The Most Admired Hotel Group Award went to luxe and wellness pioneer Aman, while The Icon Award was given to Rosewood Hotel Group CEO Sonia Cheng for her “positive force on the hotel sector.”

The voting system

Voters, divided across nine regions around the world, name the seven hotels that they enjoyed the most in the past two years, in their order of preference.

Members of the 50 Best organization “do not vote and do not control the composition of the list,” Emma Sleight, head of content for The World’s 50 Best Hotels told CNBC. “It’s up to each individual voter to decide what makes any individual hotel among their ‘best’ experiences.”

Any hotel can be nominated, as long as a voter stayed at least one night in it, however, the rules state that a voter cannot nominate more than three properties within the same hotel group.

“A hotel does not have to stock a certain product, meet a certain price point, have won any other accolades,” said Sleight. “Any style of hotel is eligible for inclusion —  whether it’s a new hotel or has been open for 100 years —  as demonstrated by last year’s list … Atlantis The Royal in Dubai was featured, alongside Claridge’s which has been open since the 1800s.”