2017 Hotel Price Trends

How hotel prices changed in 2017

If you are a money conscious jet setter this could make for interesting reading. According to research the price of hotel rooms is on the rise across a number of cities worldwide. However, it’s not all bad news and there are a number of cities where hotel prices are actually going down. So, if you are hoping not to dip into your holiday savings before you even leave the ground, check out our insider tips on which are the best cities explore (or avoid!).

The Hotel Price Radar Report

According to the hotel specialists the HRS group, which has just published its annual Hotel Price Radar report, the hotel industry experienced a widespread price increase in 2017. So, read on to find out more on which cities went up in price in 2017 and conversely which one went down!

The HRS Global Hotel Solutions group, which offers its global clients – including big names such as Google – “end-to-end” hotel management solutions, published its annual Hotel Price Radar report on 15th January 2018.

Focus on France

Twelve French cities featured in the Hotel Price Radar. Among them, six saw their prices decrease and four saw them rise, with an average increase of 1.9% between 2016 and 2017.

Montpellier holds the record, with a 39.8% increase and an average price of €130/night in 2017, making it the second most expensive city in France, after Paris, which itself experienced a 3% increase with an average price of €136/night. So which French cities lost out? Conversely, prices in Marseille dipped by 17.2% to an average of €77/night.

Hotel prices in Europe

2017 saw an average 5% increase in most European cities. Of 21 European cities, the HRS report showed that 18 saw their prices rise, namely London with a 2.9% increase to an average nightly price of €117, the same price as a night in Zurich, which experienced a 1.7% price increase.
The record for most outrageous price increase goes to Prague which rose by 12% to a nightly price of €84, compared with €75 in 2016, followed by Moscow (up 10.3% to €96) and sunny Madrid (up 10.1% to €109).

Even the prices in Istanbul, Europe’s cheapest city, went up by 4%, to an average nightly price of €78. There was, however, a 2.9% decrease in Oslo, where prices had dramatically risen by 44.1% in 2015.

A widespread hotel price increase across the globe

According to the Hotel Price Radar, prices went up all over the world in 2017, with 11 cities increasing their prices and 8 lowering them. The most expensive city is still New York, costing an average of €250/night (a 4.2% increase), followed by Washington at €230/night (up 5.5%).
Which city experienced the biggest price increase in 2017?

Toronto experienced the highest price increase at 30.6% (€158 per night), possibly due to the 150th anniversary of Canadian independence, which was celebrated all year long.

Which part of the world saw the biggest drop?

Asia took the prize for the most significant price drop, with prices lowered by 25% in Seoul (€125/night), 5.8% in Tokyo (€180/night) and 6.4% in Singapore (€160/night), though the latter two are still ranked among the world’s most expensive cities.

Traveling in Singapore at sunset

Want to sort travel insurance for your next adventure without dipping into your holiday savings? Book online with us and save 10% on selected policies here.

Source: Mar 12, 2018, by Allianz Partners Content Repository

Leave a Reply

Your email address will not be published. Required fields are marked *