TORONTO — Global hotel prices rose four per cent in the first six months of 2014, thanks to general economic recovery, currency fluctuations and sporting events in Sochi and Brazil, reports Hotels.com.
The global Hotel Price Index (HPI) stood at 115 for the first six months of 2014, only four points below its all-time high of 119, set in 2007. “There was a promising start to the year for the travel industry in general as demand for both international tourism and business travel remained strong,” said Johan Svanstrom, president of Hotels.com. “Consequently, we saw the highest rate of increase in the HPI since early 2012.”
Increases were recorded in Latin America, the Caribbean, Europe, the Middle East and North America. Most notably, Latin America recorded the highest HPI increase of six per cent, while Europe and the Middle East experienced the highest growth in six years, a five-per-cent index growth.
When travelling at home, Canadians paid an average of $151 per night for hotel accommodation in the first half of 2014, an increase of five per cent over the same period in 2013. The largest price increases amongst Hotels.com’s top 50 cities in Canada were in Grande Prairie, Alta., up 14 per cent to $152 and Hamilton, Ont., up 13 per cent to $135.