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January 24, 2012

Global leisure hotel rates rise by 8.3%

Worldwide leisure hotel rates for December 2011 increased by 8.3% on the previous year's figures, while the business hotel market recorded smaller rate gains of 3.2%, according to Pegasus Solutions, a global processor of hotel transactions in the US.

Worldwide leisure hotel rates for December 2011 increased by 8.3% on the previous year’s figures, while the business hotel market recorded smaller rate gains of 3.2%, according to Pegasus Solutions, a global processor of hotel transactions in the US.

Markets outside North America reported a 7.5% rate jump on December 2010, while leisure rates for the region climbed 6.3% in December 2011, second only to June’s 6.5% increase.

Pegasus Solutions CEO Mike Kistner said that global bookings fell by 4.6% from the gains seen in December 2010, a month when booking volumes exceeded those of 2009, 2008 and 2007.

North American leisure reservations in December 2011 dropped by 5.7% on the previous year, partly due to a lack of snow and warm temperatures for holiday destination ski resorts, according to Pegasus .

The report observed that bookings outside North America increased by 3.3%, while global corporate bookings fell by 3.4%, representing a 4.5% drop in North America and a 2.7% decrease in other markets combined.

According to Pegasus , reservations on the books point to leisure bookings easing in January 2012 with rates maintained, and gains for both measures expected over 2011 from February to April 2012.

The report forecasts that rates will stay ahead of the previous year’s levels for the first quarter of 2012 quarter and corporate bookings will grow during that time.

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