Hotel.com Price Index reveals most expensive cities
For the first time in five years, hotel prices have risen across all of the regions surveyed in the Hotels.com Hotel Price Index (HPI).
According to the latest HPI, which surveyed hotel prices for the first half of 2012, the average price for a hotel room, regardless of currency, rose 4% when compared to the same period in 2011.
The Hotels.com HPI is based on bookings made on Hotels.com sites around the world and tracks the real prices paid per hotel room (rather than advertised rates) for about 140,000 properties across the globe.
Prices in the Pacific rose 6%, fuelled by Australia’s strong economy and sturdy corporate travel sector.
Prices in Asia recovered, growing 4%, following the natural disasters which affected the region in 2011.
Prices in North America and the Caribbean rose 5% and average rates in Europe and the Middle East as well as Latin America, rose by 1%.
Johan Svanstrom, vice president, Hotels.com Asia Pacific, said, "The latest HPI figures prove the hotel industry’s recovery has begun."
The world’s most expensive city for Australian travellers was Rio de Janeiro, Brazil. The 2016 Olympic host city experienced a 25% increase to AUD294 due to its strong economy.
Rates in Hong Kong were up 13% to AUD195 and Singapore, the world’s eighth most expensive city, saw a relatively modest rise of 4% to AUD222.
Average rates in Christchurch were up 58% to AUD150, as a result of a significant lack of inventory following the earthquake of 2011.
Occupancy rates in Australia soared in the first half of 2012, the highest in a decade, as demand outstripped supply in the main business and tourist hubs.
The resources boom in Western Australia affected prices in Perth, driving rates to an all-time high of AUD211 per night, up 21% on the first half of 2011.
The Whitsundays was Australia’s most expensive destination for accommodation, with an average nightly room rate of AUD252, AUD84 above the country’s average of AUD168.
Prices in major hubs, Sydney and Melbourne, were up 7% to AUD185 and AUD163 respectively.
Ian Jarrett
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