Global hotel rates starting to rise ‘more moderately’
Hotel prices in key global business travel cities are now rising at a "more moderate rate" than in the past two years, according to the latest data from HotelHub
The company reported that the average room rate in the second quarter of this year was $189 per night, an increase of 3.6 percent compared to the same period in 2023. However, this growth was significantly lower than the 9.6 percent year-over-year increase observed in the second quarter of 2023.
Key takeaways
- In Europe, the average nightly rate in Q2 was $176, while North America had the highest regional average at $218 per night;
- In New York, the average hotel rate rose 5 percent year-over-year to $432 per night during the quarter, although this was down from a 12 percent increase in the first quarter of 2024;
- Travelers booked their hotels an average of 16.7 days prior to check-in in the second quarter, up 19 percent from an average of 14 days in the second quarter of last year.
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