Survey finds hotel price increases in most markets
July 29, 2008 |
It may seem counterintuitive with all the news about slumping economies, but business travelers didn?t find many hotel bargains in first six months of 2008, according to a survey by travel management company Hogg Robinson Group.
All key European markets exhibited strong pricing growth, said HRG, including a 22% increase in Eastern Europe. Hotel rates in the Asia Pacific region rose 20%. Eastern Europe and Asia Pacific benefited from a continued focus on the luxury market and demand that outpaced supply, said HRG.
Rate growth was relatively flat in North America. HRG noted marginal declines of 3% and 2% in Houston and San Francisco, respectively, and no change in New York.
?As forecasted at the start of the year in our 2007 annual hotel survey, the midyear results have shown that the international hotel market continues to be resilient, with most regions seeing an increase in average rates in the first half of 2008, as demand continues to outstrip supply,? said Margaret Bowler, HRG?s director of global hotel relations. ?However, we are increasingly seeing rates level off in certain markets as they adjust pricing structures to meet market expectations.?
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