However, despite prices stabilizing in both Q2 and Q3 of 2010, the average price of a hotel room by the end of September 2010 was still lower than it was in 2004. The Hotel Price Index, which was pegged at 100 in 2004, stood at 99 in Q3 2010.

 

The average price per room was actually flat year-on-year in Asia and up just 1% year-on-year in Europe. The Americas showed slightly healthier signs of improvement with the average price up 4% in the Caribbean and North America and up 6% in Latin America.

 

Despite staying flat year-on-year in Asia, the average price of a hotel room in Asia was 15% higher in Q3 2010 than when the Hotel Price Index was started in 2004. In Latin America, a hotel room was 10% higher in Q3 2010 than when the HPI was started in 2004. The Hotel Price Index stood at 115 in Asia, 97 in the Caribbean, 101 in Europe, 110 in Latin America and 103 in North America.

 

“Overall Asia Pacific’s index in Q3 2010 stands at 115 points, markedly higher than when we first started measuring the index in Q1 2004. This is in contrast to every other region of the world where the index has remained very close to the 2004 level. This reconfirms the general growth in the Asia Pacific region and the increased demand for hotels in the region,” Johan Svanstrom, VP and Managing Director for Hotels.com Asia Pacific said. 

 

“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. The China market has seen healthy increases in prices and occupancies, much driven by the Shanghai expo. Prices in for example Tokyo and Bangkok on the other hand, are not seeing the same recovery rates and often offers many good deals to travellers.”