MEDIA RELEASE PR36092
Global Hotel Prices Drop 17%
LONDON, Sept. 15 /PRNewswire-AsiaNet/ --
- Room Rates at Their Lowest for Five Years
The average price of a hotel room around the world fell by 17% in the
first six months of 2009, according to the latest Hotels.com Hotel Price
Index.
Hotel prices in June 2009 were more than one sixth 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 17% fall in room rates* was driven by price drops across every
continent.
Prices in Latin America fell by the greatest extent, down 18% in the
first half of 2009 compared to the year before. Prices for hotel rooms in
North America were down 17%, with rates in Europe faring little better,
dropping 16% during the same period.
Asian hotel rates, which had been holding up better than those in the
U.S. or Europe, tumbled in the first half of 2009 dropping an average of 17%
compared to the same period one year earlier.
Hotel rates in the Caribbean only saw a single digit fall with rates
dropping just 2% in the first half of the year.
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 at 78,000
hotels across 13,000 locations around the world.
The latest HPI looks at hotel prices for the period January to June 2009,
compared to the same period the year before.
David Roche, President, Hotels.com Worldwide, comments:
"The dampening effect of falling consumer demand has been compounded by
sharply increased hotel capacity. In the first half of 2009 an ever larger
number of hotel rooms chased a dwindling stream of customers, and this
'double whammy' lowered prices by 17% globally.
"As demand fell, hoteliers closed floors and cut back both services and
prices, creating a market with a distinctly promotional character that is
likely to endure for some time."
* The HPI tracks the actual 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
Notes to editors
Fourteen editions of the HPI are published globally. Country versions
reflecting hotel prices in local currencies are available for the US, Canada,
UK, Ireland, France, Germany, Spain, Portugal, Italy, Netherlands, Norway,
Sweden, Finland and Denmark.
About Hotels.com
As part of the Expedia group which operates in all major markets,
Hotels.com offers more than 100,000 quality hotels, B&Bs and serviced
apartments worldwide. If a customer can find the same deal for less on a
prepaid hotel, Hotels.com will match it. Hotels.com benefits from one of the
largest hotel contracting teams in the industry negotiating the best rates
for its customers, plus there are 1.3m reviews from users who have actually
stayed in the hotels to ensure customers make an informed choice when
booking. Hotels.com won the Gold Award for best hotel booking site in Webuser
magazine in February 2009. Travellers can book online or by contacting one of
the multilingual call centres on +44(0)871-200-0171.
For country specific information, please contact:
EMEA: press@hotels.co.uk
US: press@hotels.com
CA: melissa.legaspi@edelman.com
APAC: v-eschmidt@hotels.com
SOURCE: Hotels.com
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