Hotel Price Index - Hotels.com Press Room

The Hotel Price Index 

TM 

Review of global hotel prices: Jan-Dec 2011

INTRODUCTION 

The Hotels.com Hotel Price Index TM (HPI ® ) is a regular 

survey of hotel prices in major destinations across the 

world. The HPI is based on bookings made on 

Hotels.com and prices shown are those actually paid 

by customers per room night (rather than advertised 

rates) in 2011. 

Now in its eighth year, the HPI is respected as the 

definitive report on hotel prices paid around the world 

and increasingly used as a reference tool by media, 

hoteliers, analysts, tourism bodies and academics. 

Approximately 142,000 properties in more than 19,800 

global locations make up the sample set of hotels 

from which prices are taken. 

The international scale of Hotels.com (in terms 

of both customers and destinations) makes the 

Hotel Price Index one of the most comprehensive 

benchmarks available, as it incorporates both chain 

and independent hotels, as well as options such as 

self-catering and bed and breakfast properties. 

The HPI tracks the real prices paid per room by 

Hotels.com customers around the world using a 

weighted average based on the number of rooms sold 

in each of the markets in which Hotels.com operates. 

Published by Hotels.com in the first quarter of 2012

HOTELS ON THE GO 

The past six months have seen millions of downloads 

of Hotels.com’s mobile app. 

The portfolio of devices on which the app is 

available has expanded rapidly, following the launch 

of a dedicated iPad application in September 2011 

which takes advantage of the iPad screen for a rich, 

immersive user experience. Already available on the 

App Store and Android Marketplace, the app is now 

also available for Windows Phone, Symbian and 

MeeGo devices, allowing customers to search and 

book almost 149,000 hotels around the world straight 

from their phone. 

Available in over 30 languages, additional 

enhancements include the ability to check their 

Welcome Rewards status and choose from more 

than 20,000 exclusive last-minute deals. Users find the 

mobile apps particularly useful for these spur-of-themoment 

bookings, as they can find a hotel quickly and 

easily on-the-go, whether they are on a road trip, have 

missed their flight or are stranded in an unfamiliar city.

EARN A FREE NIGHT IN YOUR SLEEP 

In October 2011, we launched our customer loyalty 

programme Welcome Rewards on all 85 sites around 

the world. This unique loyalty scheme offers our 

customers the ability to earn one free* night for every 

ten nights stayed in more than 65,000 partnering 

hotels worldwide. There is no complicated points 

system and redemption is as easy as it sounds: Our 

customers simply stay for ten nights, either at one 

stretch or separately, in one or several of the partnering 

hotels and earn the eleventh night free* - whenever 

they want, without blackout dates. 

Unlike most reward programmes, which are usually 

specific to one brand, we allow our customers to 

collect their ten qualifying nights across independent 

and chain hotels and to redeem their free* night at 

any eligible hotel in our global network. The free* night 

is valued at the average rate of the ten stays but 

consumers also have the option to use the free* night 

for a higher rate room by paying the difference. 

You can sign up for the programme on 

www.hotels.com and earn a free night in your sleep! 

*(Subject to Welcome Rewards terms and conditions as set out at www.hotels.com)

FOREWORD 

David Roche 

President Hotels.com 

Global price rise following steady overall 

recovery 

Business and economic volatility may well have 

led the TV news bulletins in 2011 as never before, as 

viewers waited for updates on the latest attempts 

to stave off sovereign bankruptcy or perhaps save a 

currency. However, at first glance, nobody has told the 

world’s hoteliers about their duty to provide headlinegrabbing 

developments. Global hotel prices increased 

by 4% on average in 2011 over 2010, continuing the 

process of steady recovery from the lows of 2008, 

albeit at a distinct walking pace. Occupancy rose 

by 2-3% across most of the year and this relatively 

modest increase in demand, coupled with slowly restrengthening 

economies in some nations, provided 

the conditions for slight increases in prices worldwide. 

As we enter a third consecutive year of moderate price 

rises for guests, the global average price is still lower 

than it was in 2005, such was the depth of the financial 

crash-inspired trough. 

Regional variations highlight local 

conditions 

There is certainly some more colour at a regional 

level. If the recent flow of economic news from North 

America suggests evidence of a recovery gathering 

speed, so do the prices paid in their hotels – up 5% 

in 2011 compared to 2010, the biggest increase in 

the region since 2007. European and Middle Eastern 

hoteliers sympathised with the market’s stuttering 

economy and increased prices in their own currencies 

by only 2%. In the world’s faster growing economies, 

hotel prices kept pace with market movements. Latin 

America has now appeared as the region with the 

highest overall increase of all regions since the HPI 

launched in 2004 with its Index now at 121. The Pacific 

saw the most significant price increase by 8% during 

2011. Asia’s overall average rate fell by 2%, masking 

significant increases in some of the region’s business 

centres and cities. 

But averages can mask the much more volatile 

picture beneath. Four trends stand out: 

Natural and political events leave their 

mark 

First, the impact of political and natural events, 

highlighted in our Hotel Price Index review for the first 

half of 2011, continued through the full year. The unrest 

of the Arab Spring has hit prices across the region, with 

prices falling in places from Tunisia to Qatar, where

declining demand met a high level of hotel building. In 

Japan, the impact of the tsunami had reduced prices 

significantly at one point, although they closed the 

year down only slightly below the 2010 level overall as 

the Tokyo market recovered some of its demand. 

Weaker economies show resilience 

Second, we can finally report positive movement in 

some of the economies hit hardest over the past four 

years. Prices rose in Ireland where hoteliers have been 

struggling with the aftermath of the property bubble 

collapse. The unrest in Egypt proved to be less of an 

ill wind for Spain and Italy, which saw a recovery in 

leisure demand and posted price rises for the first time 

in some years. 

Currency is the big driver 

Third, currency movements continue to have a 

big impact on hotel demand, and therefore prices. 

Brazilians spent the spring of 2011 enjoying significant 

strength in the Real, and took off to spend it in the US 

as never before. As the currency’s strength fell by more 

than 20% during the summer, Brazilian wanderlust 

rather cooled and travellers stayed home, driving up 

demand, and prices, in the main domestic cities such 

as Rio de Janeiro and Sao Paulo. American travellers 

are spreading their wings a little more, too, posting 

increases in demand to both domestic destinations as 

well as to Europe and the Caribbean. The number of 

American travellers to Asian regions, which were hit by 

natural disasters, decreased only slightly. 

Business travellers on the move 

Lastly, the business travel market remained sound, 

keeping demand, and pricing, stable in the more 

business-focused markets around the world, with the 

overall spending on corporate trips up 9%* globally for 

2011. From Singapore to Hong Kong and Las Vegas, 

convention and business travel kept hotels busier and 

prices higher. 

This annual version of our report is now in its eighth 

year, and it remains the most comprehensive survey 

of hotel prices based on what consumers actually pay 

in over 85 countries to stay in over 142,000 hotels. If we 

sell sufficient nights to get a robust data sample, it’s 

in. So if you want to know what the Rugby World Cup 

did for the travel industry in Wellington and Auckland, 

where to get the most value for your travel budget, or 

even where to get five star luxury on the cheap, read 

on, it’s part of the service. 

*Global Business Travel Association

CONTENTS 

1. GLOBAL PRICE CHANGES 11 

2. PRICE CHANGES IN GLOBAL CITY DESTINATIONS 18 

GLOBAL HOTEL PRICE CHANGES 2011-2010 28 

3. PRICE CHANGES BY COUNTRY 30 

GLOBAL HOTEL PRICE CHANGES BY COUNTRY 2011-2010 36 

4. FOCUS ON THE UK 38 

UK HOTEL PRICE CHANGES 2011-2010 43 

5. PRICES PAID AT HOME AND AWAY 44 

6. WHERE TO STAY FOR £100 A NIGHT 46 

7. AVERAGE ROOM PRICES BY STAR RATING 48 

8. LUXURY FOR LESS 51 

9. TRAVEL HABITS 53 

Top overseas destinations for UK travellers 

Top UK destinations for visitors from overseas 

Top UK destinations for UK travellers 

10. TRAVEL TALK 56 

SEVEN WONDERS OF THE WORLD 59 

GLOBAL HOTEL PRICE CHANGES 2011-2010 62

The HPI report focuses on two main sources of data: 

The first section (Chapter 1) shows the global Hotel 

Price Index for the full year 2011 compared to 2010. 

The Index is compiled from transactions on 

Hotels.com during this period, in local currency, 

weighted to reflect the size of each market. By 

representing hotel price movements in an index, 

Hotels.com can illustrate the actual price movements 

as paid by consumers without foreign exchange 

fluctuations distorting the picture. 

The Index was started in 2004 at 100 and includes all 

bookings across all star ratings from one to five star. 

The second section (Chapters 2-8) shows hotel prices 

across the world, per room per night, as paid by UK 

travellers in 2011 compared to 2010. This shows the 

changes in real prices paid by consumers, reflecting 

both movements in exchange rates and hotel 

pricing. Prices are rounded to the nearest Pound and 

percentage figures to the nearest percentage point. 

Chapter 9 covers the most popular destinations in 2011. 

The final chapter focuses on some additional, more 

light-hearted facts and travellers’ habits identified by 

Hotels.com. 

Reports are also available in other currencies. Please 

contact press@hotels.co.uk.

1. GLOBAL PRICE CHANGES 

The average price of a hotel room around the world 

rose 4% in 2011 compared with 2010, according to the 

latest Hotels.com Hotel Price Index. 

The average cost of a room now stands at 104, 

compared to 100 when the HPI was launched in 2004, 

indicating that the 2011 global average price was only 

slightly higher than when the Index was originally 

launched. 

Prices fell 2% in Asia year-on-year but rose in all other 

areas, including 8% in the Pacific, 5% in North America, 

4% in Latin America, 3% in the Caribbean and 2% in 

Europe and the Middle East. 

Asia sees overall price falls despite 

growth in Chinese economy 

• Asia was the only region to experience a notable 

drop in its overall rankings. In 2011, the HPI for Asia 

stood at 107, which was seven points higher than at 

the launch of the Index in 2004 but still significantly 

below its 2005 level (110). 

• In real terms, this means, on average, prices paid by 

travellers for hotel rooms in Asia fell 2% from 2010 to 

2011. Prices paid, and their pace of recovery, varied 

across the region. Large business and convention 

hubs, such as Singapore and Hong Kong, saw 

Figure 1 HPI quarterly breakdown from Q1 2004 to Q4 2011 globally 

130 

120 

Index Points 

110 

100 

90 

80 

Q1 04 

Q2 04 

Q3 04 

Q4 04 

Q1 05 

Q2 05 

Q3 05 

Q4 05 

Q1 06 

Q2 06 

Q3 06 

Q4 06 

Q1 07 

Q2 07 

Q3 07 

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Q1 08 

Q2 08 

Q3 08 

Q4 08 

Q1 09 

Q2 09 

Q3 09 

Q4 09 

Q1 10 

Q2 10 

Q3 10 

Q4 10 

Q1 11 

Q2 11 

Q3 11 

Q4 11 

The Hotel Price Index review of global hotel prices: Jan-Dec 2011 

11

ates remain high due to healthy corporate travel 

demand and luxury hotel development. 

• The growth of low cost carriers in some parts of 

the region also began to boost demand. 

• Other areas suffered a decline. Popular Thai 

destinations, for example, did not fare as well 

because of the extensive flooding that spread 

throughout the country’s northern and central 

regions from July 2011 until reaching Bangkok in 

October 2011. 

• Reduced occupancy and falling demand in Japan 

after the March 2011 earthquake drove hotel rates 

downward. The earthquake also had a knockon 

effect in other parts of the region as fewer 

Japanese executives and tourists travelled abroad. 

Figure 2 HPI by region: Europe and the Middle East, Asia, Pacific, North America, Latin America and Caribbean 2004-2011 

140 

Index Points 

130 

120 

110 

100 

90 

80 

Asia 

Caribbean 

Europe & Middle East 

Latin America 

North America 

Pacific 

Q1 04 

Q2 04 

Q3 04 

Q4 04 

Q1 05 

Q2 05 

Q3 05 

Q4 05 

Q1 06 

Q2 06 

Q3 06 

Q4 06 

Q1 07 

Q2 07 

Q3 07 

Q4 07 

Q1 08 

Q2 08 

Q3 08 

Q4 08 

Q1 09 

Q2 09 

Q3 09 

Q4 09 

Q1 10 

Q2 10 

Q3 10 

Q4 10 

Q1 11 

Q2 11 

Q3 11 

Q4 11 

12 The Hotel Price Index review of global hotel prices: Jan-Dec 2011

Johan Svanstrom 

Vice President 

Hotels.com APAC 

Overall prices in the Asia-Pacific region have 

remained steady, thanks to key markets showing 

resilience through global economic dips in the latter 

half of 2011. Across Asia, hotel prices have fallen while 

the Pacific region saw a high increase. 

While the travel industry was hit by last year’s 

natural disasters in Japan and Thailand, the strength 

of business travel sustained occupancy and prices 

in many of the major destinations. Tokyo and other 

cities in Japan saw prices and demand fall abruptly 

in March but have since been on a recovery path. 

Elsewhere, Hong Kong experienced strong upward 

rate pressure throughout the year. 

In China, there was a varied picture. While Beijing saw 

a rise due to a steady increase in tourism and trade, 

Shanghai rates plummeted with the city unable to 

maintain healthy occupancy levels following the 

World Expo. A bit surprisingly, hotel prices in popular 

shopping and business hubs such as Kuala Lumpur 

and Singapore remained steady or only saw a 

small rise. 

There continues to be tailwind effects from increased 

flight options and strong regional economies, 

encouraging consumers’ travel spending. Currency 

exchange fluctuations could however yet again play 

a role for inbound demand which for most of 2011 

was disadvantaged by strong local Asian currencies 

Given growing demand in both leisure and corporate 

sectors, hotel prices and occupancy rates in Asia are 

likely to be on a modest upward trajectory this year. 

As usual though, deals and opportunities will arise in 

the region and active researching is recommended. 

Pacific hits the heights 

• The biggest percentage increase in average prices 

occurred in the Pacific region, up 8%. 

• The HPI reached 118 points, a full 18 points above 

the level when the HPI launched in 2004. This jump 

was fuelled in part by the relative strengths of the 

economies and currencies in Australia and New 

Zealand, as well as the resilience of 

corporate travel. 

• Despite the rise, prices were still below the 2006 

level (120), which was welcome news for travellers 

staying in this region. 


13

Latin America 

Javier Escobedo 


Hotels.com Latin America 

The Hotel Price Index for Latin America rose 4% in 2011 

compared to one year ago, underlining the growing 

economic power of our region, particularly in the 

largest country Brazil. The average cost of a room in 

a Brazilian hotel rose in 2011 because of a continuous 

increase in demand, a robust economy which grew 

by 4% and a rise in income across the board. 

Moreover, the Real steadily devalued over the second 

half of 2011, making some local destinations more 

appealing to potential travellers right in time for the 

summer season. Rio and São Paulo saw price hikes. 

In both cases, room supply failed to keep up with 

demand which, in turn, was heated by global megaevents, 

such as Rock in Rio, the U2 concert and the 

Formula 1 race. 

Business destinations, like Campinas and Curitiba, 

experienced steep hikes as well while the price 

development in beach destinations was more 

uneven. Prices dropped or grew little in Praia do Forte, 

Natal and other destinations that traditionally favour 

packages. They had to compete harder as they 

faced expensive air hikes. Many travellers chose to go 

abroad or to alternative local destinations. 

Mexico kept the average prices more in line with the 

previous year. The local market conditions neither 

affected average room rates in top tourist sunspots 

nor in the three largest cities of Mexico City, Monterrey 

and Guadalajara. Global turmoil impacted the value 

of the Peso, boosting international demand for well 

known hotspots like Los Cabos and Cancun. 

• Prices paid by travellers for hotel rooms in Latin 

America rose 4% from 2010 to 2011 and the Latin 

American HPI stood at 121 in 2011, the highest of all 

regions surveyed. 

• This performance underlined the growing 

economic power of the region, especially the 

importance of its largest country, Brazil. 

• Despite the rise, the average price of a hotel room 

in Latin America was still cheaper in 2011 than it 

was five years ago (123). 


Europe and Middle East region shows modest signs of recovery 

Matthew Walls 


Hotels.com EMEA 

Hotel pricing trends are an interesting bellwether 

for the impact of wider environmental factors. In 

2010, across Europe and the Middle East, we saw 

significant geographical events such as the Icelandic 

volcano and unusually bad December weather in 

northern Europe cause significant disruption in the 

hotel sector. 

In 2011, whilst geological activity was thankfully 

reduced, the well-documented financial woes of the 

Eurozone became the biggest factor preying on the 

minds of hoteliers across the region. It is perhaps 

surprising therefore to report that average rates rose 

2% in 2011 compared to 2010. 

There is no doubt that the economic downturn 

has caused a change in demand patterns but, in 

the leisure market, we’ve seen many customers 

increasingly trading off a reduced number of nights 

for a higher quality hotel room. European consumers 

are prepared to compromise on the number of 

annual trips but not on the quality of those trips so 

overall hotel pricing is holding up well. 

Business travel trends also feed significantly into the 

averages across Europe. The market for business 

meetings and conferences has declined somewhat 

in response to the economic slump but we have 

seen that situation turn into a positive for dealseeking 

leisure travellers as hoteliers in those typically 

four and five-star properties have sought to maintain 

their occupancy levels via some great deals. 

The only thing certain for 2012 is that the external 

environment will continue to impact pricing. 

• The HPI in Europe and the Middle East stood at 102 

points in 2011, just 2 points higher than when the 

Index was launched. 

• This meant that average hotel room prices in 

Europe and the Middle East were almost the same 

as in 2004, representing outstanding value for the 

traveller. 

• As European leaders grappled with the uncertainty 

of the Eurozone, the region overall experienced a 2% 

year-on-year price increase, the smallest rise of all 

regions. 

• Average room rates were higher in countries with 

particularly strong economies, such as Switzerland, 


15

Norway and Sweden. Some resorts in Italy and 

Spain also experienced room rate inflation as 

travellers moved to safer holiday destinations away 

from traditional favourites in Egypt and Tunisia. 

• The Arab Spring impacted average room rates in 

the Middle East as the civil unrest led travellers to 

stay away, forcing hoteliers to cut their rates in a bid 

to attract custom. 

• Prices for the region were still below the 2006 

level (107). 

Cairo 

North America 

Victor Owens 


Hotels.com North America 

Like a speedy rollercoaster that leaves riders 

breathless yet excited for another go, the travel 

industry in 2011 took all of us on an interesting journey 

of ups and downs. What we’ve learned is that what 

goes down must come back up! 

As we take a look back at 2011, we saw some major 

ups like a recovery in the business travel sector 

in North America with folks back on planes and 

staying at hotels. This usually means our economy is 

improving, which is a big upside. We saw customers 

choosing adventures outside their backyards and 

getting past the staycation trend. Of course, if 

your “backyard” is a lush and bountiful winery, a 

Championship golf course or family-friendly theme 

park, a road trip closer to home to explore the region 

is just as fun. 

The downs of 2011 included the Japanese earthquake 

and tsunami which had a major affect on North 

Americans traveling to the region. The HPI showed 

that the ranking of Tokyo dropped as an outbound 


Caribbean prices heat up 

destination. The European debt crisis can be a big 

up for North Americans looking to cross the Atlantic 

to stretch their dollar which strengthened against 

the Pound and the Euro. London, Paris and Rome 

continue to hold tight to their positions on the 

podium but Barcelona and Madrid are inching up in 

popularity. Rioja, anyone 

• Prices for the Caribbean rose 3% year-on-year. 

For 2011, the HPI for the region stood at 118 points, 

which meant the Caribbean, together with the 

Pacific region, was second only to Latin America for 

growth in average room prices since 2004. 

• The region continued a pattern of modest recovery 

after steep percentage falls in 2008 and 2009 but 

rates were still far below the 2006 level (127). 

• Average prices paid by travellers for hotel rooms in 

North America (the USA and Canada) rose 5% yearon-year 

in 2011. For the first time since 2008, the 

region’s HPI passed the 100 mark again, reaching 

102, but room rates were just 2% higher than in 2004 

when the HPI was launched and still below the 

2005 level (107). 

Caribbean 

• As the US economy showed some signs of 

recovery as the year wore on, stronger demand 

from leisure and business travellers gave hoteliers 

the confidence to hold or increase their prices. 


17

2. PRICE CHANGES IN GLOBAL CITY 

DESTINATIONS 

The following sections reflect the actual prices paid by 

travellers from the UK in Pound Sterling (£) during 2011, 

compared to prices paid in Pound Sterling the 

year before. 

UK travellers faced price rises in many of their favourite 

destinations. This could in part be explained by 

currency fluctuations but was also due to hoteliers in 

some areas raising rates and offering fewer discounts. 

However, events of global importance also had a 

fundamental impact on prices. 

European prices resilient despite 

Eurozone crisis 

Although London prices rose marginally by 1%, 

many traditional European city break destinations 

experienced steeper price rises caused by the Euro’s 

relatively strong performance against the Pound. 

Amsterdam increased 9% to £116, Venice and Barcelona 

were up 8% to £137 and £104 respectively, Brussels 

edged up 5% to £94 and Paris grew modestly by 3% to 

£125. 

dropped off and local hoteliers discounted prices in a 

bid to attract custom. 

Despite similar economic difficulties, Dublin prices 

rallied 7% to £73, helped in part by the May 2011 visits 

of US President Barack Obama and the Queen which 

raised the profile of the city. The Irish capital also 

benefited from popular events such as the Six Nations 

rugby match between Ireland and England in March 

2011 and the Take That concert in June 2011. 

The strength of the Nordic economies and currencies 

also led to increases in the capital cities of Sweden, 

Denmark and Finland. Average room prices in 

Stockholm increased 14% to £129 and Copenhagen 

rose 9% to £113. The strong performance of the Finnish 

economy, one of the few star performers of the 

Eurozone, also led to a 17% increase in Helsinki as 

average room prices soared to £107. As the Icelandic 

Amsterdam 

The effects of the Greek debt problem and subsequent 

civil unrest triggered a 10% slump to £80 in average 

hotel prices in Athens. Foreign and domestic demand 


economy recovered from the double whammy of the 

ongoing banking crisis and the 2010 volcanic ash cloud. 

Reykjavik also increased 6%, taking prices to an average 

of £77 per night. Average room rates in Oslo remained 

unchanged from 2010 to 2011, holding their value at £113. 

There were also significant price rises in Baltic state 

cities, which have traditionally offered good value hotel 

accommodation. Increased demand from travellers 

searching for low cost destinations caused average 

room rates to climb. Tallinn rose 11% to £60, Vilnius 10% 

to £54 and Riga 7% to £56. 

The repercussions of the Arab Spring spread to 

southern Europe, which experienced significant price 

increases for its average room rates as travellers 

relocated to “safer” destinations for their holidays. 

The Spanish island of Ibiza was home to the biggest 

percentage leap as demand soared for rooms, up 39% 

to £115. The second-highest rate paid for a European 

get-away was recorded in Amalfi on the Italian 

Mediterranean coast, which rose 27% to £183. 

Demand rises in US cities 

UK travellers exploiting the Pound’s relative strength 

against the US Dollar still found that hotel rooms in 

some of their favourite US destinations were more 

expensive. 

There was less discounting amongst hoteliers iin 2011 

than in 2010 as the market strengthened. Corporate 

travellers drove up room demand and prices, with 

convention centres such as San Francisco, Dallas and 

Las Vegas posting 14%, 13% and 11% increases to £113, £92 

and £78 respectively. 

San Francisco 

Across the US, New York had the largest increase in 

the supply of hotel rooms in 2011, especially at the 

upscale end of the market. However, average room 

rates still increased 4% to £173 as a result of robust 

demand from domestic travellers and European 

visitors in search of a currency bargain against the 

US Dollar. 


19

The still-burgeoning US technology sector continued 

to attract visitors both regionally and from overseas, 

particularly as technology IPOs were once again 

rumoured to be on the horizon. Palo Alto, home to 

Silicon Valley venture capitalists on Sand Hill Road and 

technology giants including Facebook, reported a 27% 

leap in room rates to £151 per night. 

Tripoli 

In Egypt, the popular tourist destination of Luxor 

plummeted 29% to £53 per night while the Red Sea 

resort of Sharm El Sheikh experienced a sharp drop of 

26% to £69. Tunis also fell significantly by 28%, bringing 

average room rates down to £77 per night. 

There was a knock-on effect for other countries in the 

Middle East as a perception of regional instability took 

hold amongst consumer and corporate travellers. 

Average hotel prices in Doha were down 27% to £122, 

Abu Dhabi dropped 10% to £104 and Marrakech slipped 

4% to £71. Dubai also fell 1% to £119, caused in part by 

increased capacity from more than 150 new hotel 

projects under construction in the Gulf states. 

Disasters fail to dampen room rate 

inflation in Australian and New Zealand 

cities 

Arab Spring turmoil and Libyan war see 

prices plummet in the Middle East 

The Middle East experienced the biggest drops in 

average hotel prices per night as the Arab Spring 

uprising unfolded in Tunisia and then spread across 

the region. 

Despite natural disasters that could have negatively 

impacted the region, average room rates grew in 

Australia and New Zealand, in part because both 

countries boasted strong currencies. 

Brisbane, which was hit by extensive flooding in 

January 2011, saw a 26% rise to £110 as business travel 

recovered quickly. Sydney, Perth and Melbourne also 

experienced robust demand. Buoyed by the strong 


Australian economy, average hotel prices in the cities 

grew 17%, 22% and 15% to £119, £115 and £99 respectively. 

Tokyo 

Wellington and Auckland in New Zealand’s North Island 

also experienced an increase in demand as travellers 

relocated from the earthquake-hit South Island. The 

capital city saw a 22% increase to £72 and Auckland 

was up 9% to £70 a night. Bookings also picked up as 

fans arrived for the Rugby World Cup in September 

2011. The popular tourist location of Rotorua also saw 

a 15% increase to £64. Christchurch, which suffered a 

devastating earthquake in February 2011, posted the 

highest gain, up 41% to £81 on the back of a lack 

of supply. 

Japanese rates hit by natural disaster 

The average room rate fell in some of Japan’s largest 

cities as the March 2011 earthquake, tsunami and 

nuclear meltdown at the Fukushima atomic plant 

deterred travellers from visiting. 

The triple blow saw prices sink in Hiroshima by 16% to 

£67, in Kyoto by 11% to £91 and in Osaka by 6% to £65. 

Tokyo proved more resilient with a modest 2% drop in 

average room rates to £102. 

Prices keep building in BRIC cities 

The strength of the BRIC economies of Brazil, Russia, 

India and China was also largely reflected in hotel rates 

as corporate demand increased along with 

domestic custom. 

Rio de Janeiro was up 13% to £156, Sao Paulo grew 

7% to £126, Moscow rose 9% to £164, St Petersburg 

increased 8% to £113 and Mumbai added another 4% to 

its average room rate taking prices to £111. Hong Kong 

climbed 18% to £119, boosted by strong business as well 


21

as consumer interest from the mainland. However, 

Shanghai bucked the trend with a 17% slide to £76 as 

the market re-adjusted after the World Expo from April 

to October 2010 and the construction of new hotels 

increased room capacity. 

Prices stay high in luxury destinations 

Against a backdrop of a worsening global economy, UK 

travellers to upmarket destinations still faced high and 

rising prices because of strong demand. 

The Omani capital of Muscat remained the most 

expensive city featured in the HPI at £219. High-value 

customers seeking luxury hotel accommodation, most 

notably from European countries such as Germany, 

fuelled the 18% rise in room rates. 

The “millionaires’ playground” of Monte Carlo remained 

the most expensive European destination at £185, and 

other upmarket leisure resorts such as Deauville and 

Como also featured high on the table after double-digit 

percentage jumps to £144 and £135 respectively. 

Figure 3 Average hotel prices in 2011 compared with 2010 

Destination 2011 2010 % change 

Muscat £219 £185 18% 

Monte Carlo £185 £182 2% 

Amalfi £183 £144 27% 

New York £173 £166 4% 

Geneva £165 £147 12% 

Moscow £164 £150 9% 

Rio de Janeiro £156 £138 13% 

Palo Alto £151 £119 27% 

Deauville £144 £118 22% 

Boston £137 £128 7% 

Venice £137 £127 8% 

Singapore £136 £123 11% 

Como £135 £111 22% 

Stockholm £129 £114 14% 

Sao Paulo £126 £118 7% 

Paris £125 £122 3% 

Cancun £124 £98 27% 

Jerusalem £123 £105 17% 

Doha £122 £169 -27% 

Miami £122 £119 3% 

Dubai £119 £120 -1% 

Hong Kong £119 £101 18% 

Sydney £119 £101 17% 



Washington £118 £121 -2% 

Amsterdam £116 £106 9% 

Rome £116 £114 2% 

LONDON £115 £114 1% 

Perth £115 £94 22% 

Ibiza £115 £82 39% 

Oslo £113 £113 0% 

San Francisco £113 £99 14% 

St Petersburg £113 £105 8% 

Copenhagen £113 £103 9% 

Los Angeles £111 £104 7% 

Mumbai £111 £106 4% 

Nairobi £111 £128 -14% 

Brisbane £110 £87 26% 

Beirut £109 £141 -23% 

Chicago £109 £102 6% 

Johannesburg £108 £119 -9% 

Cairo £108 £107 1% 

Vancouver £108 £105 3% 

Helsinki £107 £91 17% 

Montreal £107 £102 5% 

Cape Town £106 £119 -11% 

Frankfurt £106 £102 4% 

Antalya £105 £96 10% 


Barcelona £104 £96 8% 

Abu Dhabi £104 £116 -10% 

Tokyo £102 £103 -2% 

Melbourne £99 £86 15% 

Toronto £99 £94 4% 

Kiev £98 £98 0% 

Santiago £98 £89 10% 

Vienna £98 £94 4% 

Buenos Aires £96 £90 7% 

Brussels £94 £89 5% 

Adelaide £92 £91 1% 

Dallas £92 £81 13% 

New Orleans £92 £93 -2% 

Kyoto £91 £102 -11% 

Madrid £89 £86 4% 

Jakarta £88 £71 25% 

Casablanca £87 £79 10% 

Calcutta £87 £86 1% 

New Delhi £84 £85 -1% 

Lisbon £82 £82 -1% 

Christchurch £81 £58 41% 

Athens £80 £89 -10% 

Mexico City £80 £70 13% 

Las Vegas £78 £70 11% 


23


Tunis £77 £107 -28% 

Beijing 

Reykjavik £77 £72 6% 

Warsaw £76 £70 9% 

Shanghai £76 £91 -17% 

Dublin £73 £68 7% 

Berlin £73 £75 -3% 

Kuala Lumpur £72 £67 7% 

Wellington £72 £59 22% 

Prague £71 £67 5% 

Marrakech £71 £74 -4% 

Beijing £70 £69 2% 

Auckland £70 £64 9% 

Sharm El Sheikh £69 £93 -26% 

Hiroshima £67 £80 -16% 

Osaka £65 £69 -6% 

Rotorua £64 £56 15% 

Tallinn £60 £54 11% 

Bangkok £58 £58 0% 

Riga £56 £53 7% 

Vilnius £54 £50 10% 

Luxor £53 £75 -29% 

Manila £51 £57 -11% 

Hanoi £43 £52 -17% 

Phnom Penh £40 £52 -23% 

Fastest risers 

• The steepest percentage increase of 41% came 

in the New Zealand city of Christchurch, which 

recovered well from the earthquake in February 

2011. Wellington also grew 22%, buoyed by the 

Rugby World Cup. Brisbane in Australia increased 

26%, despite the floods in January 2011 as the city 

recovered well through strong corporate demand. 

Another indication of rising prices was evident in 

Perth, which climbed 22% as the Australian Dollar 

outperformed the Pound. 

• The Spanish isle of Ibiza saw the average room rate 

jump 39% as travellers, especially from Germany 

and Italy, re-located from troubled North African 


hotspots such as Tunisia and Egypt. Additionally, 

the Italian resort of Amalfi experienced a 27% rise. 

• Luxury destinations witnessed some of the biggest 

leaps in average room rates, as evidenced by 

Deauville and Como both up 22%. 

• The strong Nordic economies meant that, for 

example, Helsinki became more expensive for UK 

travellers with an increase of 17%. 

• UK travellers to the popular Mexican resort of 

Cancun also found rooms more expensive, with a 

27% jump as more hotels moved to the all-inclusive 

model and global turmoil impacted the value of the 

Peso, boosting international demand for well known 

sun spots. 

• Jerusalem climbed 17% as hoteliers raised prices 

after a record 3.2 million visitors travelled to Israel in 

2010, supported by the increase in low-cost carriers 

into the market. 

• Hotel rates served as a practical barometer of the 

growing importance and development of cities in 

the rapidly-developing BRIC countries. Just one of 

the ways this was evidenced was by the average 

room rate in Hong Kong surging 18% due to an influx 

of foreign corporate and leisure visitors and more 

shoppers from China. 

• The Silicon Valley location of Palo Alto in California 

posted the biggest rise of the American locations 

featured in the report, up 27% due to its importance 

as a world technology hub. 

Figure 4 The biggest percentage price rises in 2011 

compared with 2010 


Christchurch £81 £58 41% 

Ibiza £115 £82 39% 

Amalfi £183 £144 27% 

Cancun £124 £98 27% 

Palo Alto £151 £119 27% 

Brisbane £110 £87 26% 

Jakarta £88 £71 25% 

Deauville £144 £118 22% 

Perth £115 £94 22% 

Wellington £72 £59 22% 

Como £135 £111 22% 

Muscat £219 £185 18% 

Hong Kong £119 £101 18% 

Jerusalem £123 £105 17% 

Helsinki £107 £91 17% 

Sydney £119 £101 17% 


25

Fastest fallers 

• Five of the top six heaviest fallers were located in 

the Middle East. The Arab Spring and war in Libya 

led to a decline in demand from both international 

travellers and those within the region. Popular 

Egyptian destinations Luxor and Sharm El Sheikh 

dropped 29% and 26% respectively. There was also 

a steep fall in Tunis, where average room rates 

declined by 28%. 

• The effects of the political upheaval spread to other 

cities in the region. The Qatari capital Doha fell by 

27%, Beirut dropped 23% and Abu Dubai slipped 10%. 

These changes were also fuelled by a combination 

of increased capacity as new hotels opened and 

the rising cost of flights to the region which kept 

travellers away. 

• Travellers to South Africa enjoyed lower prices 

in the aftermath of the 2010 football World Cup. 

Popular stadium cities experienced sharp price 

drops as demand tailed off and hoteliers modified 

their prices in the face of falling demand. Room 

rates tumbled 11% in Cape Town, a base for many 

England supporters. 

• Far Eastern cities featured prominently in the list 

with prices falling in Phnom Penh by 23%, Hanoi 

by 17% and in Manila by 11%. There was a 17% drop 

in Shanghai as the city’s hotel sector re-adjusted 

after the World Expo in 2010 and because of greater 

room capacity from new developments. 

• The impact of the Japanese earthquake, tsunami 

and nuclear crisis of March 2011 hit Hiroshima, down 

16% and Kyoto, down 11%. 

Figure 5 The biggest percentage price falls in 2011 

compared with 2010 


Luxor £53 £75 -29% 

Tunis £77 £107 -28% 

Doha £122 £169 -27% 

Sharm El Sheikh £69 £93 -26% 

Phnom Penh £52 £40 -23% 

Beirut £109 £141 -23% 

Hanoi £43 £52 -17% 

Shanghai £76 £91 -17% 

Hiroshima £67 £80 -16% 

Nairobi £128 £111 -14% 

Cape Town £106 £119 -11% 

Kyoto £91 £102 -11% 

Manila £51 £57 -11% 

Abu Dhabi £104 £116 -10% 

Athens £80 £89 -10% 


Figure 6 The biggest percentage price rises and falls in 2011 compared with 2010 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

Christchurch 

Ibiza 

Amalfi 

Cancun 

Palo Alto 

Brisbane 

Jakarta 

Deauville 

Perth 

Wellington 

Como 

Muscat 

Hong Kong 

Jerusalem 

Helsinki 

Sydney 

Abu Dhabi 

Athens 

Cape Town 

Kyoto 

Manila 

Nairobi 

Hiroshima 

Hanoi 

Shanghai 

Phnom Penh 

Beirut 

Sharm El Sheikh 

Doha 

Tunis 

Luxor 

-30% 

Christchurch 

Kyoto 


27

GLOBAL HOTEL PRICE CHANGES 

2011-2010 

San Francisco 

14% 

£113 

7% 

£111 

-2% 

£92 

4% 

£173 

New Orleans 

New York 

Marrakech 

Dublin 

7% 

£73 

Paris 

London 

Helsinki 

17% 

£107 

Monte Carlo 2% 

£185 

Barcelona 

8% 

£104 

-4% 

£71 

1% 

£115 

3% 

£125 

Berlin 

-3% 

£73 

Los Angeles 

Cancun 

27% 

£124 

13% 

£156 

Rio de Janeiro 

Buenos Aires 

7% 

£96 

7% 

£126 

Sao Paulo 


Geneva 

12% 14% 

£165 £171 

Sharm El Sheikh 

-26% 

£69 

Moscow 

9% 

£164 

Doha 

-27% 

£122 

Muscat 

18% 

£219 

Dubai 

-1% 

£119 

4% 

£111 

Bangkok 

0% 

£58 

Beijing 

2% 

£70 

Hong Kong 

18% 

£119 

Kyoto 

-11% 

£91 

Tokyo 

-2% 

£102 

Nairobi 

-14% 

£111 

Mumbai 

Singapore 

11% 

£136 

Cape Town 

-11% 

£106 

Perth 

22% 

£115 

Sydney 

17% 

£119 


29

3. PRICE CHANGES BY COUNTRY 

Oman became the most expensive country featured 

in the report for UK travellers after it posted the biggest 

increase in prices. A 19% hike caused the average 

cost of rooms to grow to £217. This occurred after the 

development of more upscale accommodation and 

rising demand from European travellers. Switzerland, 

with its strong currency, was the most expensive 

European country of the nations analysed for UK 

travellers, up 11% to £146. 

Prices rose in two-thirds of countries favoured by UK 

travellers in 2011, according to the latest Hotel 

Price Index. 

There were also significant falls triggered by political 

and economic crises and natural disasters. 

The biggest fallers were in the Middle East, where the 

Switzerland 

widespread political instability, civil unrest and the 

war in Libya led to a dramatic fall-off in demand and a 

slump in prices. 

The steepest drop came in Qatar where the average 

room rate fell 27% to £122. Average room rates in 

Egypt slipped 22% to £71 as tourists stayed away and 

Lebanon dropped 21%, as a result of protests and 

mounting violence in neighbouring Syria. There was 

also a 9% reduction to £61 in Tunisia where the Arab 

Spring began. 

The United Arab Emirates, including the popular tourist 

and business destination of Dubai, also dropped 2% as 

the fall-out from the uprisings spread across the region 

to effect even those markets which had avoided 

the turmoil. 

United Arab Emirates 


Japan 

Lithuania was up 14% to £55, Estonia up 11% to £60 and 

Latvia up 8% to £57, rates that still represented excellent 

value for visitors. 

The South African hotel sector re-adjusted after the 

surge in prices before and during the 2010 football 

World Cup. A fall of 9% took the average room rate 

to £107. 

Average room rates in Japan slipped 6% as a result 

of the earthquake, tsunami and meltdown at the 

Fukushima nuclear plant in March 2011. 

There was a rally in prices in the struggling Eurozone 

countries of Spain and Italy, which both rose 5%. 

Portugal increased 2% as travellers switched away 

from North Africa and the Middle East to “safer” holiday 

destinations. The average Irish price also rose 6% to 

£73, despite mounting economic woes. This was partly 

due to the interest sparked by the State visits in May 

2011 and a stabilisation of prices that had fallen 35%, the 

heaviest slump in Europe, over the past three years. 

There was a 13% rise in the average hotel price in 

Australia, reflecting its strong currency and robust 

economy and a 12% rise in New Zealand, fuelled by 

high demand around the Rugby World Cup. Singapore 

also reported a big leap of 11% due to its burgeoning 

reputation as a tourist and business hub and the 

construction of new premium developments. 

Singapore 

The Baltic states showed some of the steepest 

increases from travellers attracted by low prices. 


31

Iceland bounced back after the chaos wrought by the 

volcanic ash cloud in April 2010 and the collapse of the 

domestic banking sector with prices up 6%. 

Oman 

Three of the BRIC nations posted increases: Brazil and 

Russia were both up 9%, and China up 5%, evidence 

of the countries’ growing economic importance as 

business hubs. In contrast, India was down 4% to £83 

as the value of the Rupee fell against the Pound. 

The average room rate in the USA rose 3% to £108 as 

there was less discounting among hoteliers. The return 

of the business traveller and influx of leisure travellers 

from the Eurozone boosted demand. 

Out of the 71 countries surveyed, the UK was one of 23 

where hotel prices fell, down 1% to £82. 

United Kingdom 

Figure 7 Average room prices and changes in 2011 

compared with 2010 by country 


Oman £217 £182 19% 

Mauritius £161 £184 -13% 

Switzerland £146 £131 11% 

Russia £145 £132 9% 

Brazil £140 £129 9% 

Singapore £136 £123 11% 

Israel £133 £128 4% 

Norway £124 £120 3% 

Jordan £123 £121 2% 

Qatar £122 £169 -27% 



Sweden £117 £105 12% 

United Arab Emirates £116 £119 -2% 

Kenya £116 £123 -6% 

Puerto Rico £115 £115 -1% 

Croatia £113 £115 -1% 

Saudi Arabia £113 £123 -8% 

Italy £112 £107 5% 

Lebanon £111 £140 -21% 

Denmark £111 £102 9% 

United States of America £108 £105 3% 

Australia £108 £95 13% 

Colombia £108 £103 5% 

South Africa £107 £118 -9% 

Mexico £106 £94 13% 

Dominican Republic £106 £100 6% 

Netherlands £106 £99 7% 

Finland £105 £91 15% 

France £103 £101 2% 

South Korea £103 £98 5% 

Canada £102 £101 1% 

Cyprus £102 £98 5% 

Chile £101 £92 11% 

Argentina £97 £91 7% 

Austria £97 £93 4% 


China £97 £92 5% 

Greece £97 £98 -1% 

Turkey £96 £97 -1% 

Belgium £94 £91 4% 

Indonesia £94 £94 -1% 

Ukraine £93 £87 7% 

Japan £92 £98 -6% 

Costa Rica £91 £88 3% 

Taiwan £90 £88 2% 

Germany £87 £85 3% 

Peru £87 £86 1% 

Malaysia £86 £78 10% 

Spain & Canary Islands £85 £81 5% 

India £83 £86 -4% 

UNITED KINGDOM £82 £83 -1% 

Portugal £82 £81 2% 

Iceland £78 £74 6% 

Malta £78 £81 -4% 

Ireland £73 £69 6% 

New Zealand £73 £65 12% 

Morocco £71 £72 -1% 

Czech Republic £71 £67 5% 

Egypt £71 £90 -22% 

Thailand £69 £65 6% 


33


Romania £69 £66 4% 

Hungary £67 £65 3% 

Poland £64 £64 0% 

Philippines £63 £65 -3% 

Tunisia £61 £67 -9% 

Slovakia £61 £63 -4% 

Estonia £60 £54 11% 

Bulgaria £59 £56 6% 

Latvia £57 £53 8% 

Lithuania £55 £49 14% 

Vietnam £55 £57 -3% 

Cambodia £43 £53 -20% 

Finland 


compared with 2010 by price rises 


Oman £217 £182 19% 

Finland £105 £91 15% 

Lithuania £55 £49 14% 

Australia £108 £95 13% 

Mexico £106 £94 13% 

New Zealand £73 £65 12% 

Sweden £117 £105 12% 

Estonia £60 £54 11% 

Switzerland £146 £131 11% 

Singapore £136 £123 11% 

Chile £101 £92 11% 

Malaysia £86 £78 10% 

Russia £145 £132 9% 

Denmark £111 £102 9% 

Brazil £140 £129 9% 

Latvia £57 £53 8% 



compared with 2010 by price falls 


United Arab Emirates 

Qatar £122 £169 -27% 

Egypt £71 £90 -22% 

Lebanon £111 £140 -21% 

Cambodia £43 £53 -20% 

Mauritius £161 £184 -13% 

Tunisia £61 £67 -9% 

South Africa £107 £118 -9% 

Saudi Arabia £113 £123 -8% 

Japan £92 £98 -6% 

Kenya £116 £123 -6% 

Slovakia £61 £63 -4% 

India £83 £86 -4% 

Malta £78 £81 -4% 

Vietnam £55 £57 -3% 

Philippines £63 £65 -3% 

United Arab Emirates £116 £119 -2% 


35

£150 

£140 

Brazil 

£140 9% 

£130 

£120 

£110 

£100 

£90 

USA 

£108 3% Mexico 

£106 13% 

Canada 

£102 1% 

Argentina 

£97 7% 

Turkey 

£96 -1% 

£80 

UK 

£82 -1% 

Spain & Canary 

Islands 

£85 5% 

Germany 

£87 3% 

India 

£83 -4% 

£70 

Egypt 

£71 -22% 

Ireland 

£73 6% 

Thailand 

£69 6% 

New Zealand 

£73 12% 

£60 

Estonia 

£60 11%

£150 

Russia 

£145 9% 

Switzerland 

£146 11% 

£140 

Singapore 

£136 11% 

£130 

£120 

France 

£103 2% 

Netherlands 

£106 7% 

Italy 

£112 5% 

Sweden 

£117 12% 

Australia 

£108 13% 

£110 

£100 

Japan 

£92 -6% 

Indonesia 

£94 -1% 

China 

£97 5% 

£90 

Malaysia 

£86 10% 

£80 

GLOBAL HOTEL PRICE 

CHANGES BY COUNTRY 2011-2010 

£70 

£60

4. FOCUS ON THE UK 

Hotel room rates fell on average by just 1%, from £83 to 

£82 a night, across the UK from 2010 to 2011. 

Discounting by UK hoteliers in January absorbed the 

2.5% increase in Value Added Tax to 20% and a growth 

in budget hotel chains also kept prices down. 

of growth as Aberdeen rose 2% to £79 per night and 

Glasgow edged up 1% to £71 per night. However, room 

rates in Edinburgh slipped 4% to £96 a night. 

London 

However, the overall picture masked some dramatic 

price movements across the country. 

The most expensive UK destination was the university 

city of St. Andrews in Scotland. Average hotel prices 

in the city where Prince William met Kate Middleton 

were at £143, even with a 12% fall. In the rest of Scotland, 

Aberdeen and Glasgow both reported moderate signs 

St. Andrews 

Despite the riots in August 2011, which attracted 

worldwide headlines, London’s hotel sector remained 

resilient with the average cost of a room rising 1% 

to £115. The city reached full capacity for events 

such as the Chelsea Flower Show and Wimbledon 

tennis tournament. There was still availability on the 

weekend of the Royal Wedding in April 2011 with many 

sightseers making day trips or basing themselves in 

cheaper locations outside the city and then 

travelling in. 

A higher tolerance for commuting into London led 

to some dramatic price rises in towns close to the 


capital, a possible indicator of what could happen 

in 2012 with the London Olympics and the Queen’s 

Diamond Jubilee. The average hotel price in Watford, 

for instance, soared 22% to £77, the second-highest rise 

in the UK, and High Wycombe leaped 19% to £67. 

Many of the major tourist destinations also 

experienced an increase in average room prices. 

Oxford and Cambridge both climbed 4% to £103 and £97 

respectively and York rose 5% to £91. Demand for these 

cities stayed steady, helped by an influx of travellers 

from the Eurozone taking advantage of the Euro’s 

relative strength against the Pound. 

Destinations in the Cotswolds experienced a surge in 

prices due to the area’s continuing popularity. Witney, 

Broadway and Chipping Norton posted rises of 31%, the 

highest in the survey, 21% and 16% respectively. 

Some traditional seaside resorts also reported big 

percentage price rises such as Weston-super-Mare 

up 21% to £56, Southend-on-Sea up 18% to £93 and 

Scarborough up 6% to £61. 

However, there were some pronounced price declines 

in Cornwall, with St Austell registering the biggest 

drop, down 20% to £103, Newquay down 16% to £79 and 

Penzance down 11% to £69. 

Oxford 

Scarborough 


39

Figure 10 Average price per room per night in 2011 compared with 2010 across the UK 

Average price per room per night 2011 (£) Price rise year on year (%) Price fall year on year (%) 

150 

120 

90 

60 

30 

0 

St. Andrews 

Broadway 

St. Peter Port 

London 

Bath 

Windsor 

St. Helier 

Oxford 

St. Austell 

Windermere 

Cambridge 

Edinburgh 

Southend-on-Sea 

Chipping Norton 

York 

Stratford-upon- Avon 

Brighton 

Aviemore 

Witney 

Cheltenham 

Aberdeen 

Newquay 

Newcastle-upon-Tyne 

Manchester 

Durham 

Watford 

Canterbury 

Portsmouth 

Liverpool 

Inverness 

Cardiff 

Bristol 

Dundee 

Bournemouth 

Glasgow 

Perth 

St. Albans 

Penzance 

Swansea 

High Wycombe 

Leeds 

Southampton 

City of Derry 

Belfast 

Colchester 

Nottingham 

Sheffield 

Scarborough 

Birmingham 

Blackpool 

Weston-super-Mare 

Stevenage 


Figure 11 Average price per room per night in 2011 

compared with 2010 across the UK 


St. Andrews £143 £162 -12% 

Broadway £132 £108 21% 

St. Peter Port £116 £105 10% 

London £115 £114 1% 

Bath £114 £113 1% 

Windsor £111 £110 1% 

St. Helier £110 £104 5% 

Oxford £103 £99 4% 

St. Austell £103 £129 -20% 

Windermere £99 £122 -19% 

Cambridge £97 £94 4% 

Edinburgh £96 £101 -4% 

Southend-on-Sea £93 £78 18% 

Chipping Norton £91 £79 16% 

York £91 £87 5% 

Stratford-upon- Avon £88 £91 -3% 

Brighton £85 £84 2% 

Aviemore £83 £96 -13% 

Witney £83 £63 31% 

Cheltenham £82 £73 12% 

Aberdeen £79 £77 2% 

Newquay £79 £94 -16% 


Newcastle-upon-Tyne £79 £82 -4% 

Manchester £78 £77 1% 

Durham £77 £69 11% 

Watford £77 £63 22% 

Canterbury £77 £81 -5% 

Portsmouth £76 £79 -3% 

Liverpool £76 £77 -2% 

Inverness £75 £76 -2% 

Cardiff £74 £74 0% 

Bristol £74 £71 4% 

Dundee £73 £69 6% 

Bournemouth £73 £73 -1% 

Glasgow £71 £71 1% 

Southend-on-Sea 


41


Perth £71 £68 5% 

St. Albans £70 £63 10% 

Penzance £69 £78 -11% 

Swansea £68 £69 -2% 

High Wycombe £67 £57 19% 

Leeds £67 £65 3% 

Southampton £67 £72 -7% 

City of Derry £65 £60 7% 

Belfast £65 £68 -5% 

Colchester £63 £62 2% 

Nottingham £62 £57 8% 

Sheffield £62 £59 4% 

Scarborough £61 £58 6% 

Birmingham £61 £61 1% 

Blackpool £61 £64 -6% 

Weston-super-Mare £56 £46 21% 

Stevenage £53 £50 5% 

Perth 


UK HOTEL PRICE CHANGES 2011-2010 

Glasgow 

1% 

£71 

-4% 

£96 

Edinburgh 

-4% 

£79 

Newcastle-upon-Tyne 

Belfast 

-5% 

£65 

Manchester 

1% 

£78 

3% 

£67 

Leeds 

Liverpool 

Birmingham 

-2% 

£76 

Cardiff 0% 

£74 

1% 

£61 

Witney 

31% 

£83 

8% 

£62 

Watford 

22% 

£77 

1% 

£115 

Nottingham 

London 

Newquay -3% 

£76 

-16% 

£79 

2% 

£85 

Brighton 


Portsmouth 

43

5. PRICES PAID AT HOME AND AWAY 

UK travellers were placed ninth in the table of the 

biggest spenders abroad on £99. However, they spent 

£17 less at £82 a night on domestic hotel rooms. 

The Japanese were the biggest spenders on hotel 

rooms when they travelled abroad in 2011, according 

to the Hotels.com Hotel Price Index. They spent an 

average of £116 a night on hotel rooms when they 

headed overseas, £5 more than the Swiss and £8 

more than the Australians. 

The biggest Eurozone spenders on their travels were 

the Austrians who parted with an average £97 a night 

for a hotel room abroad. 

At the other end of the scale, the Mexicans were the 

savviest when outside their borders, paying £72 a night 

on average, according to the HPI. 

The biggest domestic spenders were the Swiss and 

the Norwegians who spent £137 and £121 respectively 

on hotel rooms at home. The Indians were those 

with the best eye for value within their own borders, 

spending just £56 when in a domestic destination. 

Japan 

India 


Figure 12 Average room prices paid by travellers when travelling within their own countries versus those paid overseas 

in 2011 

Country Away Home Country Away Home 

Japan £116 £93 

Switzerland £111 £137 

Australia £108 £106 

United States of America £106 £75 

Norway £106 £121 

China £103 £94 

Russia £102 £99 

Sweden £101 £105 

UNITED KINGDOM £99 £82 

Brazil £98 £103 

Austria £97 £83 

Ireland £95 £73 

Hong Kong £95 £79 

Portugal £94 £66 

New Zealand £94 £65 

Denmark £93 £101 

Italy £92 £82 

Canada £92 £89 

India £91 £56 

France £90 £72 

Spain & Canary Islands £90 £68 

Germany £89 £75 

South Korea £88 £99 

Finland £88 £93 

Netherlands £88 £83 

Singapore £87 £118 

Mexico £72 £69 

Mexico 


45

6. WHERE TO STAY FOR £100 A NIGHT 

With the emphasis on value for money, travellers with 

£100 a night to spend on their hotel room could choose 

from a wide selection of destinations as they searched 

for quality for less. 

Two cities offered five-star hotel accommodation 

for under £100 a night, Marrakech and Warsaw, both 

within a four-hour flight from the UK. There were 20 

destinations featured in the HPI offering four-star 

accommodation for the same average sum, including 

Benidorm, Berlin, Budapest, Dublin, Lisbon and Tallinn 

in Europe, Bangkok, Beijing and Shanghai in Asia and 

Las Vegas in the United States. 

In comparison, £100 would have bought travellers a 

three-star hotel room in London and Edinburgh but 

only one-star in New York and Geneva. 

Marrakech 

Figure 13 The star rating that can be purchased with 

£100 per night in the world’s top cities 

Destination GBP 100 

Marrakech 

Warsaw 

Bali 

Bangkok 

Beijing 

Benidorm 

Berlin 

Brussels 

Budapest 

Cape Town 

Dubai 

Dublin 

Guangzhou 

Istanbul 

Las Vegas 

Lisbon 

Madrid 

Pisa 

Prague 

Shanghai 

Tallinn 

Vienna 

VVVVV 

VVVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 



Amsterdam 

Barcelona 

Cancun 

Chicago 

EDINBURGH 

Frankfurt 

Helsinki 

Hong Kong 

Jerusalem 

LONDON 

Los Angeles 

Melbourne 

Milan 

Moscow 

Mumbai 

Munich 

New Delhi 

Nice 

Orlando 

Rome 

Seattle 

Seoul 

Sydney 

Tokyo 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 

VVV 


Toronto 

Boston 

Copenhagen 

Miami 

Montreal 

Oslo 

Paris 

San Francisco 

Seattle 

Singapore 

Stockholm 

Vancouver 

Venice 

Washington 

Zurich 

Geneva 

New York 

VVV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

VV 

V 

V 


47

7. AVERAGE ROOM PRICES BY STAR 

RATING 

Hotels.com analysed the average prices paid for hotel 

rooms across different star ratings in the world’s top 

cities. 

The data demonstrates where UK travellers could find 

best value. 

The Polish capital of Warsaw offered the best deal 

on luxury for less with five-star rooms costing just 

£84 a night with Marrakech slightly higher at £90. The 

Moroccan city also provided one of the best four-star 

rates for only £64. 

At the other end of the scale, New York was home 

to the most expensive five-star rooms at £340 and 

the city also provided the most expensive four-star 

accommodation at £200. 

Average prices in London at £225 were much lower 

than New York which offered five-star luxury for £340. 

The UK capital also slipped out of the Top 10 list of 

most expensive places for top-end accommodation. 

Figure 14 Average hotel room prices by star rating 

during 2011 

Destination 

V V 

V V V 

V V 

V V 

V V V V V 

Amsterdam £77 £98 £121 £172 

Bali N/A £52 £97 £187 

Bangkok £23 £31 £64 £128 

Barcelona £65 £90 £105 £191 

Beijing £45 £45 £71 £122 

Benidorm £32 £63 £77 N/A 

Berlin £54 £56 £73 £114 

Boston £90 £124 £166 N/A 

Brussels £73 £82 £96 £119 

Budapest £33 £44 £64 £105 

Cancun £38 £86 £184 £233 

Cape Town £77 £75 £99 £178 

Chicago £73 £95 £127 £246 

Copenhagen £73 £105 £122 £158 

Dubai £50 £55 £84 £187 

Dublin £44 £62 £81 £143 

EDINBURGH £68 £78 £103 £144 

Frankfurt £71 £82 £103 £179 

Geneva £106 £131 £169 £287 

Guangzhou N/A £57 £96 £188 

Helsinki £62 £93 £111 £170 

Hong Kong £43 £89 £127 £225 


Destination 

V V 

V V V 

V V 

V V 

V V V V V 

Istanbul £47 £65 £88 £147 

Jerusalem £70 £90 £167 £202 

Las Vegas £33 £45 £83 £148 

Lisbon £48 £56 £77 £115 

LONDON £67 £89 £130 £225 

Los Angeles £63 £99 £183 £231 

Madrid £56 £73 £87 £148 

Marrakech N/A £52 £64 £90 

Melbourne N/A £68 £103 £153 

Miami £68 £108 £183 N/A 

Milan N/A £80 £114 £207 

Montreal £71 £103 £138 N/A 

Moscow N/A £92 £151 £209 

Mumbai £43 £72 £107 £155 

Munich £67 £83 £106 £166 

New Delhi £29 £45 £105 £154 

New York £110 £156 £200 £340 

Nice £66 £89 £134 £214 

Orlando £38 £64 £116 £163 

Oslo £60 £101 £123 £157 

Paris £78 £108 £156 £326 

Pisa N/A £78 £85 £121 

Prague N/A £52 £68 £124 

Rome £75 £95 £118 £226 

Destination 

V V 

V V V 

V V 

V V 

V V 

V V V 

San Francisco £73 £111 £149 N/A 

Seattle £75 £101 £138 £151 

Seoul N/A £64 £114 £173 

Shanghai £22 £52 £74 £150 

Singapore £56 £101 £145 £234 

Stockholm £69 £105 £137 £160 

Sydney £55 £77 £122 £187 

Tallinn £40 £44 £63 £112 

Tokyo £52 £86 £147 £292 

Toronto £71 £94 £131 N/A 

Vancouver £73 £101 £142 £251 

Venice £82 £115 £142 £254 

Vienna £43 £77 £90 £158 

Warsaw N/A £64 £76 £84 

Washington £80 £115 £147 £254 

Zurich £84 £131 £155 £171 

Hotel star ratings explained 

There is no universal star rating system. Each 

country has its own, and in some cases, such 

as the UK, more than one. This means travellers 

should be aware of a possible disparity of 

standards and facilities when booking rooms with 

the same star ratings in different countries. 


49

Figure 15 Top 10 most expensive cities for five-star 

hotels 

Destination 

V V V V V 

New York £340 

Paris £326 

Tokyo £292 

Geneva £287 

Venice £254 

Washington £254 

Vancouver £251 

Chicago £246 

Singapore £234 

Cancun £233 

New York 

Paris 


8. LUXURY FOR LESS 

The falling cost of luxury 

UK travellers searching for the best in hotel 

accommodation were able to benefit from dramatic 

price falls across the world in 2011. 

For example, five-star prices tumbled 26% in Cape 

Town as the market re-adjusted from the heavy 

demand inflated by the 2010 football World Cup. There 

was also a 5% fall for four-star hotels in the South 

African city to £99. 

Orlando, one the most popular overseas destinations 

for UK travellers, saw five-star room rates drop 4% 

to £163. 

Cape Town 

The Far East also offered some of the better discounts 

on high-end accommodation. There were falls in both 

four- and five-star rooms in Shanghai, down 19% and 

12% to £74 and £150, as hoteliers lowered their prices 

following high demand in 2010 for the World Expo. 

There were good savings on four-star rates in other 

Asian destinations such as New Delhi, down 24%, 

and Beijing, down 4%, as well as Seoul and flood-hit 

Bangkok, both down 3%. 

Tokyo, which saw a fall-off in demand after the 

earthquake, also experienced a 5% reduction on fourstar 

accommodation to £147 and 2% on five-star 

to £292. 

In Western Europe, five-star rooms cost 8% less in the 

Cote d’Azur resort of Nice at £214. There was also a 7% 

fall in Edinburgh, the only British city to feature on the 

list, with average rates dropping to £144. 

Five-star deals at another popular destination, 

Marrakech, also fell 5% to £90 due to increased capacity 

and a fall-off in demand caused by the negative 

perception of the North African region generated by 

widespread civil unrest and the war in Libya. 


51

Figure 16 The falling cost of luxury: where prices at 

top-end hotels fell by the greatest extent between 2010 

and 2011 

Destination Star Rating 2011 2010 % change 

VVVVV 

VVVV 

VVVV 

VVVVV 

VVVVV 

VVVVV 

VVVV 

VVVVV 

VVVV 

VVVV 

VVVV 

VVVVV 

VVVVV 

VVVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVV 

VVVVV 

Cape Town £178 £240 -26% 

New Delhi £105 £139 -24% 

Shanghai £74 £91 -19% 

Shanghai £150 £171 -12% 

Jerusalem £202 £225 -10% 

Nice £214 £233 -8% 

Biarritz £140 £152 -8% 

EDINBURGH £144 £154 -7% 

Sao Paulo £166 £176 -6% 

Cape Town £99 £105 -5% 

Tokyo £147 £155 -5% 


Orlando £163 £170 -4% 

Beijing £122 £127 -4% 

Benidorm £77 £80 -4% 


Seoul £114 £118 -3% 

Bangkok £64 £66 -3% 

Berlin £73 £75 -3% 

Tokyo £292 £299 -2% 

Figure 17 Affordable luxury: 15 destinations with the 

best-value five-star hotels in 2011 

Destination 

V V V V V 

Warsaw £84 

Marrakech £90 

Budapest £105 

Tallinn £112 

Berlin £114 

Lisbon £115 

Brussels £119 

Cairo £119 

Pisa £121 

Beijing £122 

Prague £124 

Bangkok £128 

Dublin £143 

EDINBURGH £144 

Istanbul £147 


9. TRAVEL HABITS 

Top overseas destinations for UK 

travellers 

New York retained its position as the most popular 

overseas destination for UK travellers in 2011, despite 

the average room rate increasing 4% to £173. In fact, as 

the Pound gained against the US Dollar, other US cities 

featured in the Top 20 list: Las Vegas, San Francisco, 

Los Angeles, Orlando and Miami. 

Paris was the second-most popular overseas 

destination and top European city for UK travellers. 

Other traditional European city break favourites also 

ranked prominently with Amsterdam, Dublin, Rome, 

Barcelona and Berlin all in the top 10. 

Other locations included Dubai and the Far East cities 

of Hong Kong, Bangkok and Singapore. However, Tokyo, 

which was 28th on the list last year, fell out of the top 

40 following the aftermath of the earthquake in 

March 2011. 

Figure 18 Top overseas destinations for UK travellers 

Rank Destination Country 

1 New York United States 

2 Paris France 

3 Las Vegas United States 

4 Amsterdam Netherlands 

5 Dublin Ireland 

6 Rome Italy 

7 Barcelona Spain & Canary Islands 

8 Berlin Germany 

9 Dubai United Arab Emirates 

10 San Francisco United States 

11 Los Angeles United States 

12 Orlando United States 

13 Hong Kong China 

14 Madrid Spain & Canary Islands 

15 Bangkok Thailand 

16 Prague Czech Republic 

17 Venice Italy 

18 Sydney Australia 

19 Miami United States 

20 Singapore Singapore 


53

Top UK destinations for visitors from 

overseas 

The top five destinations for visitors to the UK 

remained the same as in 2010: London, Edinburgh, 

Manchester, Liverpool, and Glasgow. 

However, Cambridge moved up three places from 17th 

to 14th and Bath climbed from 18th to 15th. 

London 

Figure 19 Top UK destinations for overseas travellers 

Rank Destination 

1 London 

2 Edinburgh 

3 Manchester 

4 Liverpool 

5 Glasgow 

6 Birmingham 

7 Belfast 

8 Brighton 

9 Bristol 

10 Aberdeen 

11 Oxford 

12 Leeds 

13 Cardiff 

14 Cambridge 

15 Bath 

16 York 

17 Southampton 

18 Newcastle-upon-Tyne 

19 Nottingham 

20 Bournemouth 


Top UK destinations for UK travellers 

London again held its place as the most popular 

domestic destination, according to the Hotels.com 

Hotel Price Index. 

Manchester and Edinburgh came in at number two 

and three with Birmingham and Glasgow completing 

the top five list of the most popular home destinations 

for UK travellers. 

Edinburgh 

Figure 20 Top UK destinations for UK travellers 

Rank Destination 

1 London 

2 Manchester 

3 Edinburgh 

4 Birmingham 

5 Glasgow 

6 Liverpool 

7 Bristol 

8 Leeds 

9 Cardiff 

10 Brighton 

11 Bournemouth 

12 York 

13 Nottingham 

14 Belfast 

15 Southampton 

16 Newcastle-upon-Tyne 

17 Blackpool 

18 Sheffield 

19 Reading 

20 Bath 


55

10. TRAVEL TALK 

Attractive accents, the ears have it 

When it comes to falling in love, Brits find European 

accents the most attractive in the world. A Hotels.com 

survey of 2,000 UK adults found that Italian accents 

topped the poll for Brits. Here are the top rankings for 

the nationalities we prefer to hear: 

• Italians, associated with passion, scored the 

highest at 20%. 

• The Emerald Isle brogue appealed to 13%. 

• Spanish señors and señoritas sounded sweet 

at 13%. 

• The classically romantic French were fourth at 11%. 

• There’s nothing like the girl or guy next door, as 11% 

of all Brits confessed to liking an English accent the 

best. 

Venice 

Brits hit the language barriers on their 

travels 

Perhaps one of the reasons Brits love foreign accents 

so much is that our own grasp of other languages 

can be a bit dubious. Here are some findings of a 

Hotels.com survey about UK travellers speaking other 

languages: 

• 19% couldn’t translate “bonjour.” 

• 64% were unable to say anything in a 

foreign tongue. 


Too paw for a holiday 

In a survey of 2,000 adults in the UK, Hotels.com has 

found that 52% of Brits are planning to cut back on 

everyday spending in order to save money to go on 

holiday in 2012. 

Items Brits plan to cut back on range from food (32%) 

and alcohol (39%) to bare essentials such as 

deodorant (2%). 

Nearly a quarter fear they will not be able to afford to 

go away in 2012, while 26% aim to sell possessions in 

order to be able to afford it. 

Surprisingly, 6% of Brits are planning to go as far as 

cutting back on food for their dog or cat! 

• 34% were willing to give the local lingo a go when 

abroad. 

• Only 13% of Britons are able to speak French, 8% 

German and 6% Spanish. 

• 61% rarely try to speak a foreign language because 

they worried about making a mistake (35%), 

assumed everyone spoke English (23%) or were not 

bothered (16%). 

Top 10 items Brits plan to cut back 

on in order to get away in 2012: 

Clothes 62% 

Nights out 50% 

Meals at restaurants 48% 

Lunch at work 44% 

Alcohol 39% 

Food 32% 

Gig tickets 22% 

Magazines 20% 

Shoes 18% 


57

What a wonderful world 

Hotels.com surveyed people from 24 countries to see 

what they thought about the ancient and modern 

Wonders of the World 1 . Here are some of the findings: 

• 72% recognised The Great Pyramid of Giza, making 

it the best-known of the seven ancient Wonders. 

• 67% identified The Hanging Gardens of Babylon as 

another ancient Wonder, even though it is disputed 

whether they even existed. Despite this, 5% of the 

French and Koreans claim to have visited them. 

• 8% also claimed to have visited the Colossus of 

Rhodes, which was destroyed by an earthquake 

more than 2,000 years ago. 

• More than one in 10 sadly said they had never heard 

of the Seven Wonders of the World, with 34% of 

Japanese in the dark. 

Amongst the British results: 

• Of the ancient Seven Wonders of the World, the 

only one that still exists today, the Great Pyramid 

of Giza, was revealed to have been visited by 21% of 

those surveyed. 

• 3% believed that they have visited the statue 

of Zeus at Olympia, despite the statue being 

destroyed by Roman Emperor Caligua in the fifth 

Century, and a further 5% admitted to having visited 

the Temple of Artemis at Olympia, although it was 

destroyed by fire in 401 AD. 

• The survey also revealed the UK landmarks that 

the British believed should be included in list of the 

‘Ancient Seven Wonders of Britain’. These include 

St Paul’s Cathedral (42%), Edinburgh Castle (39%) and 

Big Ben (36%). 

• When asked about the new Seven Wonders of 

the World, 68% recognised the Great Wall of China, 

followed by 59% for the Taj Mahal and 44% for the 

Colosseum in Rome. 

1 Details on the new Wonders of the World can be found here: http://www.new7wonders.com/ 


SEVEN WONDERS OF THE WORLD 

Which Ancient Wonders of the World can you identify 

44% 51% 67% 

Temple of 

Artemis at 

Ephesus 

Lighthouse 

of Alexandria 

Hanging 

Gardens of 

Babylon 

72% 59% 45% 31% 

Great Pyramid 

of Giza 

Colossus of 

Rhodes 

Statue of Zeus 

at Olympia 

Mausoleum of 

Maussollos at 

Halicarnassus 

Which Modern Wonders of the World can you identify 

32% 43% 59% 

Petra 

Jordan 

Machu Picchu 

Peru 

Taj Mahal 

India 

68% 44% 36% 31% 

Great Wall of 

China 

Colosseum 

Italy 

Christ the 

Redeemer 

Brazil 

Chichen Itza 

Mexico 

Which building would you add to the Wonders of the World 

10% 10% 11% 

Leaning Tower 

of Pisa 

Italy 

Angkor Wat 

Cambodia 

Moai 

Easter Island 

13% 11% 10% 8% 

Stonehenge 

England 

Terracotta 

Army 

China 

Eiffel Tower 

France 

Sydney Opera 

House 

Australia 


59

ABOUT HOTELS.COM 

As part of the Expedia Inc group, which operates in 

all major markets, Hotels.com offers almost 149,000 

quality hotels, B&Bs and serviced apartments 

worldwide. If a customer can find the same deal for 

less on a prepaid hotel, Hotels.com will match it. 

Hotels.com benefits from one of the largest hotel 

contracting teams in the industry negotiating the best 

rates for its customers, plus there are more than 

3 million reviews from users who have actually stayed 

in the hotels to ensure customers make an informed 

choice when booking. 

During 2011, Hotels.com launched a specially-designed 

app for the iPad and several smart phone apps, all 

available to download for free. These allow users to 

search and book more than 20,000 last minute deals 

from around the world. Available in more than 30 

languages, the apps also allow users to sort and filter 

hotels, browse user reviews plus find last minute hotel 

deals close to their location. Hotels.com has recently 

launched its Welcome Rewards customer loyalty 

programme worldwide, where customers can earn 

a free night for every ten nights stayed (subject to 

Welcome Rewards terms and conditions as set out at 

www.hotels.com). 

online travel websites in the U.S, and won first place in 

six other categories, including the key service areas of 

customer satisfaction, customer support and booking 

process, achieving a total of 12 top three places overall, 

improving its scores in 14 out of the 16 categories, 

compared to the 2010 results. 

Travellers can book online or by contacting one of the 

multilingual call centres on 0203 024 8216. 

The company currently operates more than 85 

Hotels.com sites around the world including 33 sites 

in 24 languages across EMEA. The European sites 

attract several million unique users every month and 

thousands of people book bed night through 

Hotels.com every day. 

In 2011, Hotels.com was named “Best Overall Customer 

Experience” according to a study by Keynote 

Competitive Research that examined nine of the top 


For further information 

For more information/press enquiries or spokespeople 

for any global region, please contact: 

Yvonne Bonanati 

+44 (0)20 7019 2815 

ybonanati@hotels.com 

Kate Hopcraft 

Zoe Chan 

+44 (0)20 7019 2165 

khopcraft@hotels.com 

+852 3607 5719 

zchan@expedia.com 

Alison Couper 

+44 (0)20 7019 2360 

acouper@hotels.com 


61

GLOBAL HOTEL PRICE CHANGES 

2011-2010

© 2012 Hotels.com, L.P. The Hotel Price Index (HPI ® ), this report and its contents are the copyright of Hotels.com, L.P. All rights reserved. 

Any reproduction of this report or its contents must acknowledge www.hotels.com as the source.

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