Hotel prices in Caribbean and Latin America remain steady
Dallas – Caribbean and Latin American hotels remained steady for the first half of 2010 as Hotels.com®, the largest provider of lodging worldwide, released their biannual Hotel Price Index™ (HPITM). This year’s HPI unveiled a global 2% increase in average hotel room rates for the first time since the end of 2007. Despite this worldwide increase, hotel room rates in the Caribbean and Latin America rose less than 1% versus the previous HPI report.
Cancun experienced one of the greatest average hotel price reductions in 2010, dropping to an average rate of $171 per night – a -6% change from its $182 average nightly room rate six months prior. Cancun proved to be among the declining minority, as prices in such popular Latin American and Caribbean destinations as Rio de Janiero (+12%), Nassau (+14%), Sao Paulo (+7%) and Buenos Aires (+5%) all posted an increase in respective hotel rates over the same six-month period.
“Hotel rates in Latin America and the Caribbean remain steady and strong,” said Miguel Oliveira, director of Global Merchandising Strategy for Hotels.com. “Since the U.S. traveler spends on average $161 per room when staying abroad, the Caribbean and Latin America markets continue to offer phenomenal savings. There are amazing deals to be had for hotel rooms in such places as Monterrey, Mexico; Buenos Aires, Argentina and Negril, Jamaica.”
Top Caribbean and Latin America Destinations
The Caribbean continues to be a top destination for U.S. travelers. Its close proximity to the U.S., diverse, vibrant cultures and seductive beaches carry on a long-standing tradition as a “must visit” on travelers’ lists when planning a getaway. Latin America also continues to be a popular destination among U.S. travelers due to the fact that the U.S. dollar can last a lot longer in most of Latin America’s 20 countries.
Pool at Saint Lucia’s Bay Gardens Beach Resort & Spa
Since 2009 there has been an increase in the number of Caribbean and Latin American properties, which has greatly impacted rates and increased room availability, making it easier and more affordable than ever for travelers to visit. New Yorkers booked the most rooms in the Caribbean and Latin America, while hotel guests originating in Los Angeles, San Francisco, Chicago and Houston rounded out the top five respectively.
Most Expensive Caribbean and Latin America Destinations
The HPI revealed that the most expensive destinations across the region included locations in Bermuda, the Bahamas, Saint Lucia and the U.S. Virgin Islands. These areas each contain higher-end hotels and resorts, attracting luxury travelers. As these travelers are willing to pay for lavish vacation experiences, the properties are able to maintain high prices. Additionally, average prices for hotels in resort markets in Mexico and Costa Rica are skewed by the growing prevalence of all-inclusive properties. Rates for these properties include accommodation, as well as meals, gratuities and taxes.