Research firm STR has released a report on the changes in global hotel prices from July 2022 to July 2023.
Specializing in the hotel market, research firm STR has published a report on the changes in global hotel prices from July 2022 to July 2023.
Hotel prices in Europe increased by 47% compared to 2019
According to STR, the average daily rate (ADR) for accommodations worldwide increased by 6.3% in July 2023 compared to the same month in 2022. Simultaneously, the most significant annual increase in hotel prices was recorded in European countries with a growth rate of +13.4%. When compared to the pre-pandemic period of July 2019, hotel prices across Europe saw a staggering 47% increase.
France Leads the List
In July 2023, the most substantial ADR increases, in comparison to July 2019, were noted in France (+87%), Italy (+51%), the United Kingdom (+31%), Spain (+30%), and Germany (+18%).
This notable surge in hotel prices across various European countries reflects the ongoing recovery and revival of the global travel and hospitality industry. As travel restrictions ease and people regain confidence in venturing abroad, the demand for accommodations has spiked, leading to the observed price hikes.
The reasons behind the specific increases in each country could be multifaceted, including factors like increased travel demand, changes in local regulations, events, or the overall economic situation. Nonetheless, it is evident that the hospitality sector is experiencing a resurgence, and as travelers continue to explore new horizons, these trends in hotel prices are likely to persist.
It's important for travelers to remain informed about such changes, as varying hotel prices can impact trip planning and budgeting. As the industry adapts to evolving circumstances, travelers can expect to see fluctuations in hotel rates that reflect the dynamic nature of the travel landscape.