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Eurozone Crisis Slows Rise in Global Hotel Prices

Eurozone Crisis Slows Rise in Global Hotel Prices

LONDON, March 5, 2013 -

      Increased buoyancy leads to 3% annual rise but growth held back by slump in


        European prices, according to latest Hotels.com Hotel Price Index

 

  The average price of a hotel room around the world rose by 3% during 2012, compared
with the previous year, according to the latest Hotels.com Hotel Price Index (HPI). The
rate of increase has moderated when judged against the 4% rise in 2011 as the Eurozone’s
problems pulled down the global average and slowed growth in the second half of the year.

 

  (Logo:
http://photos.prnewswire.com/prnh/20120628/540164)

 


  To view the Multimedia News Release, please click:

 

  http://www.multivu.com/mnr/58707-eurozone-crisis-slows-hotel-price-growth

 

  Three regions drew away from the rest. The Caribbean saw a 6% rise, North America had
one of its best results in recent years growing at 5% and the Pacific gained 4%, all
outpacing the global figure. Asia added 2% and Latin America 1% while the Europe and
Middle East region registered a slight fall.

 

  Launched in 2004, the HPI looks at prices that people actually paid for their hotel
rooms around the world. The 2012 Index stands at 107, ten points behind its 2007 peak of
117 and only just ahead of its 2005 level of 106.

 

  David Roche, President Global Lodging Group for Expedia, Inc., said: “Europe’s
hoteliers aren’t immune from the region’s economic problems, and they weren’t able to keep
pace with a recovering global market in 2012. Although prices have risen globally, a hotel
stay still offers consumers great value, with rates consistently below their peak levels
of five years ago.”

 

  The Eurozone crisis not only impacted prices in its own territory but had a knock-on
effect across the region as financial insecurity dampened travel plans.

 

  In the Caribbean, the trend towards more all-inclusive holidays has pushed up the
average price paid. The US saw an influx of international visitors in 2012 which meant
hotels had less need for discounting. In the Pacific, the mining boom in Australia and
strength of the Australian dollar continued to drive strong city hotel rates but made it
difficult for some leisure destinations dependent on inbound demand. Latin America has
witnessed a sustained period of growth in prices paid by customers over the past few
years, driven primarily by the booming economies in the two key markets of Brazil and
Mexico.

 

  In Asia, a roster of events moved prices up and down across the region, including
downward pressure on rates in India, due to a precipitous fall of the Rupee, travel demand
shifts due to the politically sensitive situation around the islands in the East China
Sea, and price bounce-backs from the 2011 earthquake, tsunami and nuclear disaster in
Japan and flooding in Thailand. The continued increase in the number of Chinese
international travellers helped fill hotel rooms and the expansion of low cost carriers
also boosted travel opportunities.

 

  “International tourism is expected to climb again in 2013,” said David Roche. “Much of
the focus of the hospitality industry is now moving east, where the rate of increase is
the highest and new infrastructure is helping to drive travel patterns. The Asia/Pacific
region added twice as many new hotel rooms as Europe in 2012 and will account for 40% of
the world’s new builds in 2013. Rates here are rising but the region still offers great
value for travellers with some of the lowest prices in the world.”

 

  For a full copy of the UK version of the HPI, visit
http://gb.hotels.com/hotel-price-index

 

  For a video interview with Hotels.com’s David Roche, visit

 

  http://www.multivu.com/mnr/58707-eurozone-crisis-slows-hotel-price-growth

 

  About Hotels.com

 

  Hotels.com is a leading online accommodation booking website with almost 200,000
properties around the world, ranging from international chains and all-inclusive resorts
to local favourites and bed & breakfasts, together with all the information needed to book
the perfect stay. Travellers can book online or by contacting one of the multilingual call
centres. Special apps for mobile phones and tablets can also be downloaded enabling
customers to book on the go with access to 20,000 last minute deals. Through its
industry-leading loyalty programme Welcome Rewards, customers can earn a free night for
every 10 nights stayed at more than 85,000 hotels, subject to Welcome Rewards terms and
conditions, as set out at http://www.hotels.com.

 

 

 

  Photo:
  http://photos.prnewswire.com/prnh/20120628/540164

 


  Video:
  http://www.multivu.com/mnr/58707-eurozone-crisis-slows-hotel-price-growth


Photo:http://photos.prnewswire.com/prnh/20120628/540164
http://photoarchive.ap.org/
Video:http://www.multivu.com/mnr/58707-eurozone-crisis-slows-hotel-price-growth
Hotels.com

CONTACT: Email .(JavaScript must be enabled to view this email address) or call +44(0)20-7019-2428.


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Posted on Mar 05, 2013 - 06:08 AM • Print

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