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Keith Barr - 2 Barr - 2 It's - 2 Mark Hoplamazian - 2 Bazin - 2 There's - 2 IHG's Barr - 2 Doyinsola Oladipo - 2
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☆ US, European hotel rates may keep rising, industry executives say
  + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com   time to read: +2 min
NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. The number of U.S. hotel rooms increased about 3% in April of 2023 from the same month in 2019. Some 153,000 hotel rooms were under construction in April of 2023, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from the same month in 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said.
Persons: Keith Barr, Barr, It's, Mark Hoplamazian, Michael Tran, Sebastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang, Paul Simao Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, RBC Capital Markets, Thomson Locations: U.S, Europe, Paris, London, New York
☆ US, European hotel room rates could keep rising - industry executives
  + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com   time to read: +2 min
NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. Some 153,000 hotel rooms were under construction in April, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said. Bazin said Paris hotel prices in the past six months cost 50% more than in 2019, while prices in London rose 30% over the same period.
Persons: Keith Barr, It's, Barr, Mark Hoplamazian, Sébastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, U.S, Hotels, Thomson Locations: U.S, Europe, Paris, London, New York
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