For travelers who are looking for luxury accommodation of 4-star and 5-star hotels for the upcoming Chinese New Year holidays, the Hotels.com Hotel Price Index (HPI) certainly brings good news to them. The HPI Report revealed that the average room prices of 4-star and 5-star luxury hotels in the first…
For travelers who are looking for luxury accommodation of 4-star and 5-star hotels for the upcoming Chinese New Year holidays, the Hotels.com Hotel Price Index (HPI) certainly brings good news to them.
The HPI Report revealed that the average room prices of 4-star and 5-star luxury hotels in the first half of 2011 has dropped when compared to the same period in 2010. HPI Report recorded great percentage decrease of luxury hotel room prices around the world. The room price of 4-star hotels in Las Vegas has plunged 22% which is the largest percentage fall among all destinations. Travelers can enjoy 4-star accommodation in Las Vegas at only HK$ 792 per night.
In Asia, the luxury hotels in Shanghai and Tokyo also experienced a steep drop in room prices in the first half of 2011. Due to the discounts offered by hotels after World Expo 2010 and increasing supply of rooms by newly opened hotels, the room prices for 4-star and 5-star hotels in Shanghai have fallen 19% and 17% respectively. Now it only costs HK$ 754 per night to stay at a 4-star hotel in Shanghai. Likewise in Tokyo, the average room price of the 4-star hotels has dropped down to HK$ 1,630, representing a 5% decrease compared to the same period last year. Farther in Europe, HPI Report also recorded 8% fall in the room price of 4-star hotels in Madrid which costs HK$1,004 per night.
According to the HPI Report, with less than HK$1,000 per night, Hong Kong travelers can still stay at the 5-star hotels in 5 cities around the world. For those who prefer short-haul travel, they can book the quality 4-star hotels in Beijing, Guangzhou and Shanghai with HK$1,000 or less. Similarly, 4-star hotels in Prague and Budapest cost less than HK$1,000 per night. However, booking hotel rooms in New York with only HK$1,000, Hong Kong travelers have no choice other than the 1-star hotel. The same amount of money suffices for staying at local 3-star hotels in Hong Kong.
The Hotels.com HPI is based on bookings made on Hotels.com sites around the world and tracks the real prices paid per hotel room (rather than advertised rates) for about 125,000 properties across more than 19,000 locations. The latest HPI looks at prices in the first half of 2011 compared to the same period last year.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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