Sydney climbs above Perth in hotel rate stakes
Asia Pacific proved to be the most buoyant region for hotel prices in the first half of 2010 when global hotel prices stabilised but remained at levels seen six years ago.
The average price of a hotel room around the world rose two per cent in the second quarter of 2010 compared to the same period a year earlier, according to the latest Hotel Price Index (HPI), from Hotels.com.
This was the first time that hotel prices rose year-on-year after seven consecutive quarters of price falls since the end of 2007.
However, prices had fallen so low during 2009 that despite the modest increase, the average price of a hotel room was still lower than it was in 2004.
Despite hotel prices staying flat year-on-year, the average price of a hotel room in Asia was 17 percent higher in Q2 2010 than when the HPI was started in 2004.
Large business and convention hubs like Singapore and Hong Kong have seen rates go up on the back of returning corporate travel demand.
In Australia, Sydney and Cairns were two of only six major cities globally which showed price increases in the first half of 2010, at four and eight per cent respectively, while Shanghai and Christchurch reported price rises of three and two per cent respectively.
Apart from Sydney and Cairns, overall, average room prices for hotels in the major Australian cities decreased between 2009 and 2010 by an average of two per cent.
Gold Coast hotel prices fell the most – by eight per cent – making it the least expensive Australian city for hotel accommodation at just $123 per night per room.
Melbourne and Perth hotel room prices both fell three per cent in the same period.
Sydney’s price rise meant that Perth lost its title as Australia’s most expensive city for hotel accommodation.
Ian Jarrett
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