DALLAS – The average price of a hotel room around the world rose one percent in the third quarter of 2010 compared to the same period a year earlier, according to the hotels.com® Hotel Price Index™ (HPI®).
Despite prices stabilizing in both second and third quarters of 2010, the average price of a hotel room by the end of September 2010 remains lower than it was in 2004. The Hotel Price Index, was established on a scale of 100 in 2004, stood at 99 worldwide in Q3 2010.
Nigel Pocklington, vice president of Global Marketing and Strategy for hotels.com said, “2010 has seen some welcome signs of recovery in the hotel market particularly with the return of the business traveler. Despite rates stabilizing though, the average price of hotel room is remains lower now than it was six years ago, so travelers can enjoy excellent value for their money.”
The average price of room was flat year-over-year in Asia and up just one percent year on year in Europe. The Americas showed slightly healthier signs of improvement with the average price up four percent in the Caribbean and North America and up six percent in Latin America.
Despite staying flat year-over-year in Asia, the average price of a hotel room in Asia was 15 percent higher in Q3 2010 than when the Hotel Price Index was started in 2004. In Latin America, a hotel room was 10 percent higher in Q3 2010 than when the HPI was started in 2004.
The Hotel Price Index stood at 115 in Asia, 97 in the Caribbean, 101 in Europe, 110 in Latin America and 103 in North America.