Global hotel prices rise for fifth straight year

Economic recovery gathers momentum, particularly in Europe

The average price paid for a hotel room around the world increased by a further 4% during the first six months of 2014, compared with the same period in 2013, as overall economic recovery gathers greater momentum, particularly in Europe.

A global hotel price index operated by stood at 115 at the end of the first half of the year, 15 points higher than at its launch in 2004 and now only four points off its all-time high of 119 set in the first half of 2007.

Two regions reported 5% growth, firstly for Europe and the Middle East, which saw the sharpest increase in the region in six years. Secondly, North America was boosted by results from the USA, which posted the best hotel occupancy levels of the century in June, according to Smith Travel Research.

Latin America and the Caribbean both achieved record results over this period. The Caribbean had the fastest rise, at 6%, taking it to the highest individual region index figure ever documented. Latin America continued progress seen in 2013 and also reached an all-time half-yearly high.

For Asia and the Pacific, the index saw no movement up or down. Asia continues to offer excellent value for travellers, says, while prices paid by inbound visitors to Australia have been eased by the weaker Australian dollar.

TTG Nordic

[pictured: Westin Resort & Spa, Cancun, Mexico; photo courtesy Starwood Hotels & Resorts]


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