Hotel Prices on the Rise
The average price of hotel rooms worldwide rose 2% in the second quarter of the year, over last year, according to the Hotels.com Hotel Price Index.
That's the first such rise since 2007, says David Roche, president of Hotels.com.
He says results for the first half of the year show hotel prices stabilizing with "hints of a recovery." Yet rates in most places are still at 2004 levels, after a period of significant dips.
"If indeed we're seeing the beginning of a true recovery, it is an uneven recovery, and one starting from a low base," Roche says.
Business capitals such as New York, London and Singapore are seeing "significant prices rises again," according Roche, and the survey shows Asia-Pacific as the region with the most significant growth in prices.
In the U.S., New York had an 8 percent increase in rates, while Washington had a 16 percent increase and Miami was up 12 percent, compared to 2009.
In Europe, prices were up 13 percent in Frankfurt, 9 percent in Paris and 7 percent in Amsterdam.
The HPI tracks real prices paid at some 91,500 properties around the world.
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