Thursday, April 16, 2009
Hotel Rates Falling Worldwide
[Click to enlarge chart]
Hotel room rates dropped an average of 17.4 percent in the first quarter of this year in 30 major world cities, Ovation Travel Group said. The comparison is to the first quarter of 2008.
The travel management company looked at rates for over 92,000 room nights in three- four- and five-star hotels in those 30 cities. The only cities showing rate increases were Abu Dhabi (33.7%), Dublin (6.2%), Milan (5.1%), and Tokyo (3.2%).
Delhi, Dubai, Hong Kong, London, Mexico City, Mumbai, New York, Paris, Singapore and Toronto showed the greatest rate decreases, all over 20%.