- Room Rates Fall Across All Continents
LONDON, March 24 /PRNewswire-Asia/ --
The average price of a hotel room around the world fell by 12% last year, according to the latest Hotels.com Hotel Price Index.
Hotel prices in December 2008 were more than one tenth lower than they were the year before and room rates were just 1% above their level in January 2004, when the Hotel Price Index was started.
The 12% fall in room rates* was driven by price drops across every continent.
Prices in North America fell by the greatest extent, down 12% in Q4 2008 compared to the year before. Prices for hotel rooms in Europe fared little better, dropping 10% during the same period. In the Caribbean and Latin America they fell by 7%, while in Asia, hotel prices held up slightly better falling just 2%.
The fall in hotel prices in the Asian region was the first time hotel prices had fallen there since the Hotels.com Hotel Price Index began in January 2004.
The Hotels.com HPI tracks the real prices paid per hotel room rather than advertised rates. It is based on prices actually paid by customers for 68,000 hotels across 12,500 locations around the world.
The latest HPI looks at hotel prices for the period October to December 2008, compared to the same period the year before.
David Roche, President, Hotels.com Worldwide, comments:
"Room rates dropped significantly in the final three months of last year as hoteliers around the world cut prices to try to fill their rooms.
"While last autumn, North America was the only continent to see the average room price fall, the latest Hotel Price Index shows the economic downturn is now affecting hotel prices on all continents.
"Price falls were most dramatic in North America (12%), but Europe, the Caribbean and Latin America were not far behind.
"The good news is that there is some great value to be had for travellers. This year really will be the year of the deal."
* The HPI tracks the real prices paid per room by Hotels.com customers around the world using a weighted average based on the number of rooms sold in each of the markets that Hotels.com operates in.
Full details of the Hotel Price Index can be found at http://www.hotels.co.uk/press/hotel-price-index.html
About Hotels.com
As part of the Expedia group which operates in all major markets with dedicated staff, Hotels.com offers more than 99,000 quality hotels worldwide. If a customer can find the same deal for less on a prepaid hotel, Hotels.com (http://www.hotels.co.uk/ ) will match it. Hotels.com benefits from one of the largest hotel contracting teams in the industry negotiating the best rates for its users, plus user-contributed reviews of its properties. Travellers can book online or by contacting one of the multi-lingual call centres.
Notes to editors
Eleven editions of the HPI are published globally. Country versions reflecting hotel prices in local currencies are available for the US, UK, Ireland, France, Germany, Spain, Portugal, Norway, Sweden, Finland and Denmark.
For country specific information, please contact:
EMEA: press@hotels.co.uk
US: press@hotels.com
APAC: v-eschmidt@hotels.com
