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KUALA LUMPUR: Hotel room prices in the Asia Pacific region have risen by 15% in 3Q from 1Q2004, the highest internationally on higher demand for accommodation, said Asia Pacific vice president and managing director Johan Svanstrom in a statement on Tuesday, Dec 14.
"The prices paid in Asia Pacific, and their pace of recovery, shows clear variations across the region. Large business and convention hubs, like Singapore, Hong Kong and Sydney, have seen rates go up on the back of returning corporate and also leisure travel demand," he added.
Comparing China with Japan and Thailand (with reference to the cities of Tokyo and Bangkok respectively), he noted that China had seen healthy price increases and occupancies largely underpinned by the Shanghai Expo, while Tokyo and Bangkok did not record the same level of recovery and often offered bargains to travelers.
The growth rate in hotel prices was tracked with Hotels.com's Hotel Price Index (HPI), which was first introduced in 1Q2004.
The indice had fallen to 99 points in 3Q from 100 points in 1Q2004, indicating lower hotel room prices in September this year despite stabilising prices.
In Latin America, the indice stood at 110 points, while in North America, it stood at 103 points. The HPI stood at 101 points in Europe and 97points in the Carribean.
On an annual basis, average room price levels were flat in Asia, while room prices increased by only 1% in Europe.
In the Carribean and North America, average prices increased by 4% while prices in Latin America rose by 6%.
"The prices paid in Asia Pacific, and their pace of recovery, shows clear variations across the region. Large business and convention hubs, like Singapore, Hong Kong and Sydney, have seen rates go up on the back of returning corporate and also leisure travel demand," he added.
Comparing China with Japan and Thailand (with reference to the cities of Tokyo and Bangkok respectively), he noted that China had seen healthy price increases and occupancies largely underpinned by the Shanghai Expo, while Tokyo and Bangkok did not record the same level of recovery and often offered bargains to travelers.
The growth rate in hotel prices was tracked with Hotels.com's Hotel Price Index (HPI), which was first introduced in 1Q2004.
The indice had fallen to 99 points in 3Q from 100 points in 1Q2004, indicating lower hotel room prices in September this year despite stabilising prices.
In Latin America, the indice stood at 110 points, while in North America, it stood at 103 points. The HPI stood at 101 points in Europe and 97points in the Carribean.
On an annual basis, average room price levels were flat in Asia, while room prices increased by only 1% in Europe.
In the Carribean and North America, average prices increased by 4% while prices in Latin America rose by 6%.
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