Tourism Industry News
Global hotel prices fall three percent in Q3 2008
The average price for hotel rooms across the world fell over the summer, according to the Hotels.com Hotel Price Index. This is the first year-on-year fall in prices measured in any quarter since the Hotels.com Hotel Price Index started in January 2004.
The Hotels.com HPI tracks the real prices paid per hotel room. The average price paid by travellers for a room during the period July-September 2008 fell by three percent globally, when compared to the same period in 2007.
However, the weakness of the Pound over the course of Q3 2008 meant that
David Roche, president, Hotels.com Worldwide, said, "Hotels in the Americas in particular have been feeling the effects of the wider global downturn for the past six to nine months and we have seen extensive price-cutting already. US hoteliers may have to cut prices further to maintain occupancy in the months to come. In
The three percent drop in prices globally was driven by falls in room prices across North America (where prices fell by five percent), Latin America (where prices were down one percent) and the