Hotel room rates in Latin America soared in 2012 as capacity failed to keep pace with demand from international business travellers looking to cash in on rapidly emerging economies across the region. The latest annual hotel survey from award-winning international corporate services company Hogg Robinson Group (HRG), found weak exchange rates continue to shield the majority of international business travellers from rapidly rising hotel rates in cities like Rio De Janeiro and Buenos Aires.
Across the globe, overall rates increased by 1.4%, compared to 1% the previous year. 32 of 55 cities with top hotel rates showed a year on year increase in local currency rate in 2012, compared with just 23 of 55 cities in 2011.
Trends noted by HRG include:
– For the ninth consecutive year, Moscow hotels remain the most expensive in the world for business travellers. The city’s hotel rates increased by 4% over 2012 and remain significantly higher than all other cities.
– Rates in global financial centres, including London, New York, Hong Kong and Singapore increased over the last year as confidence in the financial sector gradually showed signs of improving. Tokyo continued to rebound as reconstruction and recovery efforts drew more corporate activity.