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Hotel rates climb up in Europe and US, turns south in Asia

Profile Photo By: H L
January 8, 2014

Hotel rates climb up in Europe and US, turns south in Asia

Hospitality News: Bird's Eye View of Bangkok from Peninsula Hotel
Bird's Eye View of Bangkok from Peninsula Hotel

While hotel rates in the U.S. are on an upswing, buoyed by healthy demand and contained supply, the same cannot be said for Asian cities, where a new report says that rates in those cities are actually falling year-over-year.

According to HRS Hotel Rate Development 2013 price comparison, Asian cities have?become more affordable?with room rates falling over the last year compared to 2012.

Indian cities saw a substantial drop on average room rates last year compared to 2012, with New Delhi showing the largest fall of 26.6 percent to 43.21 euros (U.S. $58.90) and Mumbai 12.43 percent to 92.24 euros.

Only Bangkok and Taipei went against the grain, the former up 3.66 percent to 64.93 euros; Taipei?s rates went up 11.03 percent to 111.75 euros.

The report revealed that globally?New York is the frontrunner in room rates?with a 8.9-percent hike in average rate per night to 187 euros or about U.S.$255. Rio de Janeiro follows at 179 euro despite a 3.6-percent drop in rate, while Sydney takes third place with 174 euros after a 1.1-percent drop.

In Europe, Germany is the most affordable as the average price for hotel room nights in many cities remained stable in 2013. Only Cologne, Munich, Hamburg and Frankfurt saw a slight increase in the average room rates.

Click here to read more.

Source Hotel Investment News, http://www.hotelmanagement.net/ihif-investment-daily-newsletter/global-a-look-at-the-highestlowest-hotel-rates-omni-buys-destinatio

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