For the fourth year in a row, the price of a hotel room rose again in 2013 at an average rate of three percent. This is great news for hotel financiers.
The Hotel Price Index (HPI) is used to track what a consumer pays for a hotel room anywhere across the globe. In 2004 it was set at 100, and at the end of last year it rose to 110.
That number reflects a rise of 10 points from its initial point in 2004, but it’s also lower than in 2007 when it was at its peak, and this is despite the overall growth in the industry recently.
Other rate reports include Latin America that showed an increase of five percent in their hotel rates and this is their strongest reported growth rate yet.
One other thing that is predicted for 2014 by the United Nations World Tourism Organization (UNWTO) is that there will be a huge rise in sport fans traveling the globe due to the upcoming FIFA World Cup that is being held in Brazil this summer. This year’s winter games that were held in Sochi, along with the Para Olympics, also played a role in the rise of traveling for 2014.
If you need help in the Western US, please contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors.