LONDON, September 13, 2010 /PRNewswire/ — The average price of a hotel room around the world rose 2% in the second quarter of 2010 compared to the same period a year earlier, according to the Hotels.com(R) Hotel Price Index(TM) (HPI(R)).
This was the first time that the average hotel room price rose year-on-year after seven consecutive quarters of price falls.
However, prices had fallen so low during 2009 that despite the modest increase, the average price of a room is still lower now than it was in 2004.
While prices in all regions were either flat or down year-on-year in the first three months of 2010, by Q2 the average price had risen 1% in Europe and the Caribbean, 3% in the Americas and had stabilised in Asia.
However, despite staying flat year-on-year, the average price of a hotel room in Asia was 17% higher in Q2 2010 than when the Hotel Price Index was started in 2004. This is in contrast to every other region of the world where the average room price has remained very close to the 2004 level.
David Roche, President of Hotels.com, comments: “Hotel pricing trends, up to the end of Q2 of 2010, confirm that stabilization has indeed been under way in the hotel industry, and that there are hints of a recovery. Hotel prices appear to have hit the bottom in the first half of 2010, and have lately trended up 2% against the prior year, the first time prices have risen since 2007.
If indeed we’re seeing the beginning of a true recovery, it is an uneven recovery, and one starting from a low base. Prices remain at levels not seen since 2004 in much of the developed world – the Asia-Pacific region is the only one to show any significant growth.”
The Hotels.com HPI tracks the real prices paid per hotel room (rather than advertised rates) for 91,500 hotels across 15,750 locations around the world. The latest HPI looks at prices in Q2 2010 compared to those in Q2 2009.
