DALLAS — North American corporate hotel rates set a new year-over-year growth record, increasing 9.3 per cent over 2011, according to a report released by Pegasus Solutions, a worldwide hotel technology and service provider.
Global rates for hotels booked through the global distribution systems, representing mostly business travel transactions, grew 5.5 per cent, the greatest growth margin since July 2011. Leisure rates increased as global bookings made through online channels increased by 9.1 per cent over April 2011, and North American rates rose 7.3 per cent.
“A common misstep many hotels made in 2001 and 2008, when bookings fell, was to automatically abandon strategy and slash rates,” said Mike Kistner, CEO of Pegasus. “April’s numbers show corporate rates paid in April 2012 were higher than four of the five previous years and just shy of three percentage points of those paid in 2008. Hotels are staying true to their product, not only maintaining rates, but also driving them back to where they need to be. Combined with bookings growth, this rate growth has corporate revenue up by double digits over all five previous years.”
For the complete report, visit pegs.com.