While hotel rates in the U.S. are on an upswing, buoyed by healthy demand and contained supply, the same cannot be said for Asian cities, where a new report says that rates in those cities are actually falling year-over-year.
According to HRS Hotel Rate Development 2013 price comparison, Asian cities have become more affordable with room rates falling over the last year compared to 2012.
Indian cities saw a substantial drop on average room rates last year compared to 2012, with New Delhi showing the largest fall of 26.6 percent to 43.21 euros (U.S. $58.90) and Mumbai 12.43 percent to 92.24 euros.
The report revealed that globally New York is the frontrunner in room rates with a 8.9-percent hike in average rate per night to 187 euros or about U.S.$255. Rio de Janeiro follows at 179 euro despite a 3.6-percent drop in rate, while Sydney takes third place with 174 euros after a 1.1-percent drop.
In Europe, Germany is the most affordable as the average price for hotel room nights in many cities remained stable in 2013. Only Cologne, Munich, Hamburg and Frankfurt saw a slight increase in the average room rates.
Zurich remains the most expensive city to stay with an average of 145 euros per room, followed by London at 142 euros and Moscow at 141 euros.
The most inexpensive room rates are in Prague, at 70 euros per night despite a 4-percent increase in price
Room rates in Budapest, Warsaw, Lisbon and Athens remain moderate. The rates in Warsaw decreased the most at 9 percent to 74 euros.
The largest increase in room rates was in the major Scandinavian cities: Stockholm 138 euros, Oslo 133 euros and Copenhagen 129 euros, where the room rates increased by about 5 percent.
