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Hotel price radar


European cities report double-digit hotel price rises

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European cities report double-digit hotel price rises
Nov 29, 2011

European cities, including London, reported double-digit price rises compared with the third quarter of last year according to hotel portal HRS, in its recent price radar.

The survey compares hotel room prices in 48 large cities across Europe and the rest of the world for the third quarter of 2011, with prices for the same period in 2010.

Globally, HRS found that on average the most expensive per-night hotel rates were in New York, Zurich and Moscow.

Hotel price radar in Europe - Zurich extends its lead with prices falling only in Rome and Athens

In the third quarter of 2011, the continued economic recovery and increased demand for hotel rooms meant per-night prices increased by as much as 10% in eight of the twenty cities surveyed.

There was particularly high demand in the European capitals of Vienna, Paris and Prague. Mediterranean destinations, such as Istanbul and Barcelona, also remained very popular during the summer months, meaning that hotels in these locations were able to increase their occupancy rates and prices.

At 14.3%, Moscow saw the largest increase. Here, the average room price rose to £124*. HRS noted a similar price increase in Zurich, which is also renowned for being expensive. Visitors to Switzerland's largest city were forced to dig deep, prompted by the strength of the Swiss franc. On average, hotel owners charged £136 per night in the third quarter. This enabled Zurich to maintain its top ranking in Europe, ahead of Moscow and London.

Hotel prices per night also increased in the British capital. A night in a hotel on the Thames cost an average of £117, up approximately 11.3% from the same period last year.

The constant flow of negative headlines in Greece is putting pressure on prices in cities like Athens. Visitors there had to budget for £67 for a hotel room last quarter, down 1.7% from last year.

Top Destinations
in Europe
Æ Price for the third quarter of 2011 in GBP
Æ Price for the third quarter of 2010 in GBP
Price change in %

Amsterdam
114.4
105.7
8.30

Athens
66.7
67.8
-1.67

Barcelona
100.4
88.3
13.71

Budapest
57.7
57.6
0.36

Helsinki
88.5
85.1
4.02

Istanbul
73.9
66.7
10.97

Copenhagen
108.4
102.8
5.48

Lisbon
68.6
67.3
1.86

London
116.6
104.7
11.28

Madrid
73.2
68.1
7.37

Milan
82.9
79.7
4.14

Moscow
124.2
108.7
14.27

Oslo
107.6
104.1
3.43

Paris
109.0
97.5
11.83

Prague
53.2
48.2
10.29

Rome
77.9
78.6
-0.97

Stockholm
101.9
101.6
0.38

Warsaw
65.9
59.8
10.33

Vienna
80.2
77.8
3.08

Zurich
136.4
119.7
13.98

Table 2: Comparison of average hotel room prices per night in European cities for the third quarters of 2011 and 2010

Hotel price radar worldwide – New York defends its lead

Trends in hotel prices varied widely outside of Europe. Prices rose in almost half the cities surveyed, with some increases in double figures. The largest price increase was seen in Buenos Aires at 15%, primarily due to the high rate of inflation in Argentina – approximately 25%.

New York maintained its position as the most expensive city for hotels. Hotel guests in the Big Apple paid £152, down approximately 2% from the same quarter last year. Falling room prices were also seen in Las Vegas, bringing them to just over £52 in the gambling capital of the United States.

Tokyo managed to put a stop to the hotel prices landslide, following the earthquake and nuclear disaster, with prices picking up again in September. The average price for a hotel room in Tokyo for the third quarter of 2011 was £107.

One of the few East Asian cities for which HRS reported rising hotel prices was Hong Kong. Following the Fukushima disaster, many large companies relocated their head offices from Japan to Hong Kong, at least on a temporary basis. The result was a significant increase in business trips and a price rise of at least 10% in the third quarter, to more than £97.

Top Destinations
Worldwide
Æ Price for the third quarter of 2011 in GBP
Æ Price for the third quarter of 2010 in GBP
Price change in %

Bangkok
40.6
43.8
-7.49

Buenos Aires
76.9
66.7
15.25

Dubai
70.5
72.7
-3.09

Hong Kong
97.7
88.4
10.52

Cape Town
65.9
93.1
-29.16

Kuala Lumpur
40.7
50.2
-19.03

Las Vegas
52.2
63.4
-17.60

Mexico City
51.2
48.3
5.86

Miami
65.5
62.8
4.39

New York
151.5
154.9
-2.29

Beijing
43.1
48.8
-11.76

Seoul
88.4
89.9
-1.63

Shanghai
50.5
57.3
-11.96

Singapore
118.8
110.4
7.64

Sydney
116.5
105.2
10.74

Tokyo
106.7
103.8
2.79

Toronto
98.7
86.3
14.36

Vancouver
96.1
97.7
-1.64

Table 3: Comparison of average hotel room prices per night in the top international destinations for the third quarters of 2011 and 2010

* Prices are calculated at the currency conversion rate of 1 EUR = 0.861226 GBP and are correct at the time of going to print




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