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Global hotel prices rise for the fourth year running
|By PR Newswire
|March 4, 2014 12:01 AM EST
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
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
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
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
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
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