Many hotel guests are noticing an increase in hotel prices and are unsure of why they are being imposed with these price increases. Many attribute the increase in hotel prices to increased international travel and business travel numbers. The hospitality industry is responding to the increased demand by increasing prices. These findings do not only affect local hotels, as people are noticing global hotel prices rise as well.
Hotels.com found that during the first six months of the year, global hotel prices rose about 4%. They also recognized an increased comfort level of international travelers spending more during their travels. During the first six months of the year, the Hotel Price Index was at 115. These numbers are closest to the Hotel Price Index's ultimate peak of 119. President of Hotels.com noticed a shocking revelation. Two unique regional indexes have experienced rates higher than their pre-economic crisis numbers. Surprising numbers can be seen in the Hotel Price Index results of the Caribbean and Latin America.
Hotel Price Index increases can also be attributed to fluctuating currency conditions and the improvement of the overall economy. Many international travelers spent more money to take advantage of weaker currencies during their abroad travels. Some experts even attribute the main global sporting events for the increase in Hotel Price Indexes. Both the Sochi 2014 Winter Olympics and the 2014 FIFA World Cup made impacts on global hotel prices as well.
International and business travel numbers are expected to continue rising, so it is likely that you can expect hotel prices to continue rising to meet the growing demand.
Contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors for all of your commercial and hotel construction needs. We can guide you in your construction projects and make sure that your hotel is secure in the Western U.S.
