World hotel prices on the rise

For the first time in five years, travellers paid more on average for their hotel rooms during the first six months of 2012 in all parts of the world, according to Hotels.com’s latest “Hotel Price Index (HPI).” The global 4% rise, compared to the same period the year before, demonstrated that the economic recovery in the hotel industry was well-established. The HPI stood at 108 for this period meaning that, despite the latest increase, hotel prices in general were still considerably lower than in the first half of 2007 when the HPI was at its peak of 119. Launched in 2004, the HPI looks at prices that people actually paid for their hotel rooms around the world. During the first six months of 2012, prices rose across the board with Pacific rates up 6%, North America up 5% and Asia up 4% while Latin America as well as Europe and the Middle East experienced a slower trajectory, up 1%. Hotels.com president, David Roche said: “The hotel industry bounced back in the first half of this year from a number of natural and political crises in 2011 and it is encouraging to see growth in the sector. While initially it may not seem good news for consumers, hotel prices are still only around their 2005 level, representing great value for travellers when both wages and other prices have risen considerably.” And Roche continued: “The first six months of 2012 have proved a promising start for most hotels. However, the second half of the year, with increasingly mixed economic signals, will be interesting to watch. What our regular Hotel Price Index gives consumers is a good guide as to where they can make the most of their travel budget, no matter what outside influences are impacting prices.” For more, go to http://www.multivu.com/mnr/56589-global-hotel-prices-rise-in-all-regions .