The average price paid for a hotel room globally increased by 4% during the first six months of 2014, when compared with the same period in 2013.

According to the latest Hotels Price Index report based on bookings made through Hotels.com, the overall economic recovery gathered greater momentum, particularly in Europe, with consumers becoming more confident in increasing their travel spending.

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The global Hotel Price Index stood at 115 at the end of the first six months of 2014, 15 points higher than at its launch in 2004 and now only four points off its all-time high of 119 set in the first half of 2007.

Hotels.com president Johan Svanstrom said: "There was a promising start to the year for the travel industry in general as demand for both international tourism and business travel remained strong.

"We saw the highest rate of increase in the HPI since early 2012 and, for the first time, we have two regions whose regional indexes have overtaken their pre-economic crisis levels."

"Consequently, we saw the highest rate of increase in the HPI since early 2012 and, for the first time, we have two regions whose regional indexes have overtaken their pre-economic crisis levels."

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Geographically, Latin America and the Caribbean witnessed record positive results over this period. In Europe and Middle East, index growth increased by 5%, the sharpest increase in the region in six years.

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For Asia and the Pacific, the index remains unaltered. Asia continues to offer good value for travellers, while prices paid by visitors to Australia were eased by the weaker Australian Dollar.

Svanstrom continued: "Currency fluctuations played a major role in determining whether prices paid when travelling abroad either rose or fell for many travellers. UK travellers, in particular, benefitted as the Pound either remained stable against already weaker currencies or gained ground against others."