One region is now ahead of its pre-crisis rates
The average price of a hotel room around the world rose 3% in 2013, according a new study, and one region is now ahead of its pre-economic crisis rates for the first time.
There have now been four years of steady rises in hotel prices since the substantial falls during the financial collapse of 2008-09, the latest Hotels.com Hotel Price Index confirms.
Set at 100 in 2004, the index tracks real prices that hotel guests actually pay for accommodation around the world. The 2013 index stands at 110, still seven points lower than its peak in 2007 despite the recent growth.
Latin America registered its strongest result yet, with a 5% increase in hotel prices. It has now overtaken its previous peak set just before the global economic downturn. Prices are rising as demand intensifies.
Higher occupancy levels recorded in many areas helped the North American index climb 3%, while rates in Europe and the Middle East grew by 2%. With many financial indicators showing that the European economic recovery is gathering momentum, several of the destinations worst hit by the downturn have seen their prices stabilise, with some experiencing healthy increases.
The Pacific region was level and average hotel prices in Asia fell by 2%, which is good news for inbound travellers to the region as it continues to offer some of the world’s best-value accommodation.
“According to the United Nations World Tourism Organisation, international tourist arrivals in 2013 grew by 5% to a record global figure of 1,087 million, well above expectations,” Johan Svanström, president of the Hotels.com brand, said. “The growth in global hotel prices we are reporting today reflects that trend.”
[pictured: Corfu Suite, Blakes Hotel, London]