Global Hotel Prices Rise for the Fifth Year in a Row
Hotel prices paid by travelers worldwide rise by four percent in the first six months of 2014, according to the latest Hotels.com® Hotel Price Index™ (HPI®)
"There was a promising start to the year for the travel industry in general as demand for both international tourism and business travel remained strong," said Johan Svanstrom, president of the Hotels.com brand. "Consequently, we saw the highest rate of increase in the HPI since early 2012 and, for the first time, we have two regions whose regional indexes have overtaken their pre-economic crisis levels."
Latin America and the Caribbean both achieved record results over this period. The Caribbean had the fastest rise in the current HPI of 6 percent, taking it to the highest individual region Index figure ever documented. Latin America continued the progress seen in 2013 and also reached its all-time half -yearly high.
Two regions reported 5 percent Index growth: firstly, for Europe and Middle East, this was 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.
For Asia and the Pacific, the Index saw no movement either up or down. Asia, in particular, continued to offer excellent value for travelers, while prices paid by inbound visitors to Australia were eased by the weaker Australian Dollar.
Svanstrom continued: "As well as the general economic recovery, there were three other stand-out reasons behind most of the price moves. Currency fluctuations played a major role in determining whether prices paid when traveling abroad either rose or fell for many travelers. UK travelers, in particular, benefitted as the Pound either remained stable against already weaker currencies or gained ground against others."
"The civil unrest in several key tourist markets over this period impacted visitor numbers, causing prices to fall, particularly in Egyptand Turkey, although this had a positive impact on Spanish tourism in particular. Finally, the two great global sporting events in 2014 occurred in the first half of the year with prices paid in Sochi and Brazil naturally rising for the duration of the tournaments."
Hotels.com L.P. operates Hotels.com, a leading online accommodation booking website with properties ranging from international chains and all-inclusive resorts to local favorites and bed & breakfasts, together with all the information needed to book the perfect stay. Customers get instant savings *** with Secret Prices through our mobile booking app and when logged into the booking website. Hotels.com Rewards members can earn and redeem free**** nights at thousands of properties worldwide. The Hotels.com Mobile Concierge on iPhone is like having a local expert in the palm of your hand, offering fast access to services such as transportation, on-demand food delivery, restaurant reservations and activities.
© 2017 Hotels.com, LP. Hotels.com, The Obvious Choice, Hotels.com 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