Hotel rates have rebounded around the globe although many markets could still be regarded as weak or insipid, according to the latest Hotel Price Index from Hotels.com. Most of Europe, for example, is in the doldrums despite an overall rise in rate of 1% for the first six months of 2012. “Of the 28 (European) destinations surveyed, prices fell in 19, were flat in three and rose in only six,” the survey revealed.
Also flat were the Middle East and Latin America. That said, Rio de Janeiro, Brazil, was off the charts expensive with a 25% year on year increase in daily rate to $294.
Elsewhere, prices in key US destination such as Los Angeles, New York, San Francisco and Las Vegas rose; Australia was generally bullish with strong growth in many markets, especially Perth, where rates grew 21% in the survey period.
Asia was patchy, with winners and losers.
The best regional rate growth could be found in Hiroshima and Kyoto (Japan), Seoul (South Korea), Taipei (Taiwan) and Jakarta (Indonesia).
Growth was still present in the boom markets of Hong Kong and Singapore, which are among the world’s most expensive cities for accommodation.
But there were significant rate falls in Hanoi (Vietnam), Chiang Mai (Thailand), Ko Samui (Thailand) and Ho Chi Minh City (Vietnam).
Meanwhile, the accommodation squeeze in earthquake damaged Christchurch – which recorded a 58% increase in rates during the first half of 2012 according to the HPI – will be partly eased by the re-opening today of the Ibis Hotel in the CBD.
It’s the first city centre hotel to open since the earthquake on February 11, 2011.
The property has undergone major remedial work, including the renovation of all 155 rooms and public areas, as well as structural strengthening to meet the city’s new building code.