DALLAS, Dec. 6, 2010 /PRNewswire/ -- The average price of a hotel room around the world rose one percent in the third quarter of 2010 compared to the same period a year earlier, according to the hotels.com® Hotel Price Index™ (HPI®).
Despite prices stabilizing in both second and third quarters of 2010, the average price of a hotel room by the end of September 2010 remains lower than it was in 2004. The Hotel Price Index, was established on a scale of 100 in 2004, stood at 99 worldwide in Q3 2010.
Nigel Pocklington, vice president of Global Marketing and Strategy for hotels.com said, "2010 has seen some welcome signs of recovery in the hotel market particularly with the return of the business traveler. Despite rates stabilizing though, the average price of hotel room is remains lower now than it was six years ago, so travelers can enjoy excellent value for their money."
The average price of room was flat year-over-year in Asia and up just one percent year on year in Europe. The Americas showed slightly healthier signs of improvement with the average price up four percent in the Caribbean and North America and up six percent in Latin America.
Despite staying flat year-over-year in Asia, the average price of a hotel room in Asia was 15 percent higher in Q3 2010 than when the Hotel Price Index was started in 2004. In Latin America, a hotel room was 10 percent higher in Q3 2010 than when the HPI was started in 2004.
The Hotel Price Index stood at 115 in Asia, 97 in the Caribbean, 101 in Europe, 110 in Latin America and 103 in North America.
For further information, please contact:
Dan Guarino – Ruder Finn for hotels.com
Phone: (212) 715-1535
Taylor L. Cole, APR
Hotels.com North America
Phone: (469) 335-8442
About the HPI
The hotels.com® Hotel Price Index™ (HPI™) is a regular survey of hotel prices in major city destinations across the world. The HPI is based on bookings made on hotels.com and prices shown are those actually paid by customers (rather than advertised rates) in the first half (and particularly Q2) of 2010.
Now in its seventh year, the HPI is respected as the definitive report on hotel prices paid around the world and increasingly used as a reference tool by media, analysts, tourism bodies and academics.
Hotels.com® is a leading provider of lodging worldwide, offering more than 130,000 properties in over 60 countries from national chain hotels and all-inclusive resorts to local favorites and bed & breakfasts. Hotels.com is the smarter way to book travel by offering welcomerewards®, an industry leading loyalty rewards program; the real opinions of other travelers captured in over 1.5 million Guest Reviews and; a Price Match Guarantee, so that those booking with hotels.com can be assured they are getting the best deal, either online or by speaking directly to a travel expert at 1-800-2-HOTELS 24 hours a day. For more information, please visit hotels.com. Hotels.com is an operating company of Expedia, Inc. (Nasdaq: EXPE). Please visit the Hotels.com Travel Smart Blog for consumer and business travel information. Follow us on Twitter via www.twitter.com/hotelsdotcom, on Facebook at www.facebook.com/hotelsdotcom and take a VirtualVacation at www.virtualvacay.com. Detailed Hotel Price Index data is available at: http://www.hotel-price-index.com, Hotels.com, A Smarter Way to Book™.