Worldwide room rates soar in 2012

Price trends have shown a worldwide increase in hotel room rates during 2012, according to HRS’ Hotel Price Radar.

In the UK, room rates in the north of the country rose drastically when compared with prices from the previous year. The average room rate in London increased by more than four per cent year-on-year. The Queen’s Diamond Jubilee and the Olympic Games fuelled tourism in the capital and pushed hotel prices up in the first half of 2012. Post-Games rooms, however, were priced competitively to encourage business travellers back to the city in its aftermath.

Glasgow was the only UK city to experience a price decrease during 2012, good news for spectators looking to visit for next year’s Commonwealth Games.

Rio de Janeiro was revealed to be the most expensive destination worldwide, with travellers paying an average of around £155 per night for a hotel room. At the other end of the scale, Bangkok was, once again, revealed to have the cheapest hotel stays with an average rate of around £50 per room per night.

There were vast differences in price trends between various major European cities. Prices fell in more than half of the cities monitored, including Moscow and Zurich – traditionally the continent’s most expensive destinations. Despite the falling prices, at around £125 per room per night, Zurich remained the most expensive city in Europe.

HRS noted the sharpest price increases in Europe occurred in Helsinki. A hotel room in the Finnish capital cost around £100, a near eight per cent increase on 2011. At six per cent, room rates in Istanbul also saw a notable rise.