Travel demand fuels a boom in Asia Pacific — in hotel rates
Publishing timestamp: 2023-03-05 17:45:01
Summary
Hotel rates are at an all-time high due to increased travel demand, with average daily rates increasing by 8-14% globally and more than 10% in Southeast Asia. Chinese travelers are driving up prices even more, with average hotel rates in destinations they are visiting increasing by more than 45%. Luxury hotel prices have also increased significantly, with Chinese travelers spending more on hotel rooms and airfares doubling or tripling in price. Prices are expected to remain high for the foreseeable future, but some of the highest average hotel rates have already started to fall.
Sentiment: MIXED
Keywords: family travel, tourism, accommodations, marriott international inc, hospitality and leisure industry, hyatt hotels corp, luxury, lifestyle, vacations, bali, life, intercontinental hotels group plc, hotels and resorts, vacation costs, entertainment, economy, business news, thailand, china, asia economy, hilton worldwide holdings inc, japan, business travel, travel, singapore, wealth, bangkok,