Business hotel rates up, survey shows
The global hotel industry is showing sustained growth and a strong performance across all regions, according to a new survey by BTI UK.
Moscow has replaced Paris as having the most expensive corporate hotel rates worldwide, with an average room rate of £174.81. The French capital has slipped down to fifth place.
The Asian market continues to experience exceptional growth with demand in many areas outstripping supply, according to the hotel survey by the corporate travel management company. The average room rate in Bangalore is up 44% on the previous year, and the city is now home to the third most expensive rooms in the world. Dubai and Hong Kong also demonstrated large increases in average room rates.
The strengthening US dollar and increased occupancy has positively affected the US market and it has achieved significant growth this year following falls in average rates in 2003 and 2004.
The research indicates that corporate clients are now planning their business trips earlier than before, with a quarter of bookings now made more than two weeks prior to arrival. This trend can help business travellers secure availability and lower hotel room rates.
BTI UK’s hotel relations general manager Margaret Bowler said: “The growth trend that was highlighted in our half-year study released last autumn has continued and we have seen a strong performance worldwide with Eastern Europe, and in particular Moscow, and Asia Pacific leading the way – indicative of the continued development prospects and focus by businesses in these regions.
“It is also reassuring that the London bombings, experienced in July, had little impact on corporate hotel bookings in the city and bookings followed the same seasonal pattern and variations that the industry experiences each year.”
She added: “As a result of the generally buoyant hotel market worldwide, ‘demand based’ or flexible pricing has now become industry standard. Although this is good news for hoteliers, as using this pricing strategy generally enables them to achieve higher average room rates, we can also use this pricing technique to our clients’ advantage by securing lower room rates for those booking further in advance.”
Report by Phil Davies
Phil Davies
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