New Hotels.com Study Shows the Average Price of Hotel Rooms Down 14 Percent in the U.S. (United States)
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New Hotels.com Study Shows the Average Price of Hotel Rooms Down 14 Percent in the U.S. (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-03-02
2009 Hotel Price Index (HPI) Reveals Travel Trends for all States, Major U.S. Cities, International Destinations
Hotels.com®, the largest provider of lodging worldwide, today unveiled its 2009 Hotel Price Index(TM) (HPI®), the definitive annual report on hotel prices paid around the world. The index shows hotel prices in the U.S. fell 14 percent during the last half of 2009 compared to rates in the same time period in 2008. Hotels.com attributes the falling prices in North America to the economic slowdown and the subsequent reduced demand for rooms.
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With 2009 being the year of the travel deal, some cities did see a rise in prices paid as a result of the cause to currency movements, but also with travelers spending more for a little more luxury. The gap in price between 3, 4, and 5 star hotels narrowed in 2009 meaning travelers could spend less to get more. 2010 promises to be another great year for the travel deal and value.
The HPI also found there was a slowdown in price cuts, potentially showing a leveling off of prices for 2010. Prices dropped 16 percent year-over-year in Q1, 17 percent in Q2, 14 percent in Q3, and finally down to 7 percent in Q4. In fact, for the first time since the HPI has been released, US hotel prices are at the level they were in 2004, dramatically falling from the peak prices seen in 2007.
"2009 proved to be a great year for consumers looking for rooms at reasonable rates, especially in cities that are major tourist attractions such as New York, where prices dropped nearly 25 percent," said Scott Booker, vice president, global retail, Hotels.com. "Despite signs that prices of hotel rooms are leveling off, consumers can be certain that they'll always get the best deal possible on Hotels.com, thanks to our Price Match Guarantee, welcomerewards(TM) loyalty program and best in class promotions and deals."
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