Hotels.com tracked improvement in the hotel market as room rates around the world went up in the third quarter of 2010. Worldwide rates rose by 1 percent, while North America and the Caribbean enjoyed 4 percent increases, according to the site's Hotel Price Index (HPI). In Asia, the average price of a hotel room was flat over the past year. In Europe, the difference was one percent since last year. Latin America experienced the most improvement with an increase of 6 percent.
Compared to 2004's third quarter, Asia marked a 15 percent increase, alongside Latin America where a hotel was 10 percent was observed. Established on a scale of 100 in 2004, HPI was at 99 in Q3 of this year, while it was at 115 in Asia, 97 in the Caribbean, 101 in Europe, 110 in Latin America and 103 in North America.
Nigel Pocklington, vice president of Global Marketing and Strategy for hotels.com said, "2010 has seen some welcome signs of recovery in the hotel market particularly with the return of the business traveler. Despite rates stabilizing though, the average price of hotel room is remains lower now than it was six years ago, so travelers can enjoy excellent value for their money."