HRG unveils 2010 six month hotel survey

Key trends noted by HRG include:

• Many European cities saw average rate growth, such as Stockholm (13%), Zurich (7%) and Geneva (5%), and five of the top ten most expensive cities worldwide were in Europe: Geneva, Paris, Zurich, Stockholm and Oslo
• London has seen a 1% increase in average rate in the first six months of 2010, after a 4% decline in 2009, and maintains its position at 23rd in the rankings. The increase was driven by a significant increase in corporate occupancy levels and buoyant demand from the leisure sector. The snow and bad weather adversely affected the market in the early part of the year but it rebounded in the second quarter
• Moscow yet again retains its place as the city with the highest average room rate for the sixth year, despite a fall of 12% when measured in local currency. Geneva and Hong Kong were the second and third most expensive cities respectively
• Abu Dhabi rates fell by 26% in sharp contrast to the 38% growth in average rate recorded in the first half of 2009
• Rates in the US were flat or marginally back compared to 2009 figures, with the exception of San Francisco where average rates fell by 11%
• The top end of the market continues to hold up well, with an average rate increase of 1% in 5 star hotels.

Click here for the full survey.