Welcome!

News Feed Item

Global hotel prices rise for the fourth year running

Hotel prices increased by three per cent in 2013, with one region ahead of its pre-economic crisis rates for the first time, according to the latest Hotels.com Hotel Price Index

TORONTO, March 4, 2014 /CNW/ - The average price of a hotel room around the world rose three per cent during 2013, according to the latest Hotels.com™ Hotel Price IndexTM (HPI™). This means there have now been four years of steady rises in hotel prices since the substantial falls during the financial collapse of 2008/9.

Set at 100 in 2004, the HPI tracks real prices that hotel guests actually paid for their accommodation around the world. The HPI for 2013 stands at 110, seven points lower than its peak in 2007 despite the recent growth, and just ten points higher than at its launch.

Latin America registered its strongest result yet, with a five per cent increase in hotel prices, and has now overtaken its previous peak set just before the global economic downturn. With reports stating that emerging markets are showing solid economic growth, prices rose as demand intensified.

Johan Svanstrӧm, President of the Hotels.com brand, said: "According to UNWTO (the United Nations World Tourism Organization), international tourist arrivals in 2013 grew by five per cent to a record global figure of 1,087 million, well above expectations. The growth in global hotel prices we are reporting today reflects that trend."

"There is no doubt that European hotel prices were some of the most badly affected by the economic fallout. However, most indicators now show that the economic squeeze is easing, if not yet completely over," Svanstrӧm continued. "Looking ahead, one phenomenon impacting global hotel prices in 2014 is the huge rise in the number of sports fans travelling this year, with the Sochi Games in February and March and the World Cup in Brazil in the summer."

Higher occupancy levels recorded in many areas helped the North American HPI climb three per cent, matching the global rise.

Hotel rates in Europe and the Middle East grew by two per cent. With many financial indicators showing that the European economic recovery is gathering greater momentum, several of the destinations worst hit by the downturn have seen their prices stabilize, with some experiencing healthy increases.

The Pacific region was level. Softer domestic corporate travel in Western Australia1, coupled with the drop in value of the Australian Dollar towards the end of the year, had a dampening effect on the overall average.

Conversely, the HPI in Asia fell by two per cent, which was good news for inbound travellers to the region as it continues to offer some of the world's best value hotel accommodation. The depreciation of the Yen, Rupee and Rupiah, coupled with a decrease in inbound visitors to China contributed to this result, although outbound travel from China remains buoyant2. There also continues to be a longer term trend of more travel within the region.

____________________________
1 http://au.news.yahoo.com/a/17828046/hotel-room-occupancy-rate-dives/
2 http://www.thestar.com.my/Opinion/Columnists/Check-In-China/Profile/Articles/2014/01/24/Drop-in-foreign-tourists-to-China/

About Hotels.com (http://www.hotels.com)
Hotels.com (also known in Canada as Hotels.ca) is a leading online accommodation booking website with more than 260,000 properties around the world, ranging from international chains and all-inclusive resorts to local favourites and bed & breakfasts, together with all the information needed to book the perfect stay. Special apps for mobile phones and tablets can also be downloaded enabling customers to book on the go with access to 20,000 last minute deals.

© 2014 Hotels.com, LP. Hotels.com, Hotel Price Index, HPI, The Obvious Choice, Captain Obvious, Welcome Rewards and the Hotels.com logo are either registered trademarks or trademarks of Hotels.com, LP in the U.S. and/or other countries. All other trademarks are property of their respective owners. CST # 2083949-50


SOURCE Hotels.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...