Hotels.com’s annual Hotel Price Index report shows hotel room rates increased around the globe in 2014, with the U.S. seeing the greatest boost.
Each year, Hotels.com publishes the Hotel Price Index, which details the rise or decline in global room rates. Although most of the world saw an increase in the average cost of a hotel room in 2014, according to the most recent report, North America was an over-achiever, achieving the highest regional increase rate of 5 percent.
Travelers visiting Nashville, Tenn., faced the largest year-over-year rate increase in the U.S. — 15 percent. During the same period, Las Vegas rates increased by 7 percent; Albuquerque, N.M., rates increased by 2 percent; and New York City rates increased by 1 percent.
Hotel rates are increasing around the world, not just in the U.S. In 2014, the global price rose by 3 percent overall. Asia and Pacific regions appeared to be the only two areas where hotel prices did not increase last year, with the Pacific remaining the same and Asia seeing an average decrease of 2 percent.
Although hotel prices are increasing year over year, the world is still catching up to peak prices from seven years ago, something which Hotels.com President Johan Svanstrom calls “great news for consumers.”
“Each year is unique in the travel industry and 2014 was no exception, bringing its own opportunities and challenges,” Svanstrom stated in the 2014 report. “Global events, such as the Winter Olympic Games and World Cup, predictably attracted travelers to new destinations. Yet unforeseen tragedies, including the Ebola outbreak, the missing Malaysian Airlines flight MH370 and the loss of MH17 left their own mark.”