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Feb 13, 2006
The global hotel industry is demonstrating sustained growth and a strong performance across all regions, according to a new survey by the UK-based corporate travel management company BTI UK.
The BTI UK research indicates that corporate clients are now planning their business trips earlier than before, with a quarter of bookings now made more than two weeks prior to arrival. The company says it is keen to encourage this trend as it can help clients secure availability and lower hotel room rates.
Other key survey findings are as follows:
- Moscow has replaced Paris as having the most expensive corporate hotel rates worldwide, with an average room rate of £174.81. The French capital has slipped down the 'league table' to fifth place.
- The Asian market continues to experience exceptional growth with demand in many areas outstripping supply. The average room rate in Bangalore is up 44% on the previous year, and the city is now home to the third most expensive rooms in the world. Dubai and Hong Kong also demonstrated large increases in average room rates.
- The strengthening US dollar and increased occupancy has positively affected the American market and it has achieved significant growth this year following falls in average rates in 2003 and 2004.
BTI UK's survey is based on a combination of industry figures, actual room nights booked and rates paid by its clients during January – December (inclusive) 2005.
"The growth trend that was highlighted in our half-year study released last Autumn has continued and we have seen a strong performance worldwide with Eastern Europe (and in particular Moscow) and Asia Pacific leading the way – indicative of the continued development prospects and focus by businesses in these regions," says Margaret Bowler, General Manager of Hotel Relations at BTI UK. "It is also reassuring that the London bombings, experienced in July, had little impact on corporate hotel bookings in the city and bookings followed the same seasonal pattern and variations that the industry experiences each year," she added.
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