Business Travel Driving Rising Hotel Rates in Asia Pacific
The booming business travel industry is propelling average hotel room rates to new heights across Asia Pacific.
According to the HRS Hotel Price Radar via Mark Elliott of TravelDailyMedia.com, Macau, Sydney and Hong Kong led the way with the highest average hotel room rates between January and March of 2015. Singapore and Seoul also cracked the top five, according to the HRS Hotel Price Radar report, which is based on data collected from hotel bookings made through the HRS hotel portal over the course of 2015's first quarter.
Macau stands out from any other Asia Pacific destination, though, as its average hotel room rate saw a massive 64 percent year-over-year rise to $202. Elliott notes that the HRS report attributed the huge increase to Macau's ongoing efforts in "actively developing its MICE and business events industry"
"The availability of high-end venues has also boosted its attractiveness as a business events destination, leading to the huge jump in average hotel room rates," the report states.
Meanwhile, the average hotel room rates in Sydney and Hong Kong during the first quarter of 2015 stood at $183 and $182 respectively. The former actually experienced a 2.3 percent decline year-over-year, while the latter rose by 20 percent compared to the same period in 2014.
"Asia Pacific continues to draw visitors from across the world, and as this quarter's HRS Hotel Price Radar shows, the business tourism segment in particular in going strong," pointed out HRS' managing director for Asia Pacific Todd Arthur, who added that, "in comparison with other markets, Asia Pacific has also seen the highest overall increase in hotel rates this quarter."
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