Hotel Rates Set To Rise

Hotel Rates Set To RiseAs the credit crunch starts to reside, the travel industry is once again seeing an increase of corporate and leisure travel, meaning that hotel room rates around the world are beginning to climb.

After seeing hotel rates drop to an all-time low in 2007, have reported signs of year-on-year growth for the first time in three years.

The large hoteliers such as Marriott and Starwood mirror these findings, reporting an increase in demand and higher earnings, especially at properties in the major cities around the world.

According to the price of a room in New York has risen by 14 per cent this quarter with an average room rate of £145 per night.

Victor Owens, VP of marketing for in North America, he was surprised at how quickly an increase has been seen for group bookings and group meetings. Owens added that he hoped pricing had finally bottomed out and went on to say that in cities like Las Vegas and New York, meeting planners were coming back which is a good sign for the industry as a whole.

When the global economic recession hit, the worst affected places in the US saw rates drop as much as 17 per cent. Now hotels in the US, and throughout Europe, are on the rise signalling the strength of the economic recovery.

Hotel room rates in both Oslo and London, are reported to have increased by around 14 per cent, whilst the island of Capri remains the most expensive in Europe with an average room rate of £175 per night.

This News top secret hotel was added on 15 Sep 2010

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