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The Warsaw Voice » Business » April 7, 2010
BUSINESS & ECONOMY
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Luxury Accommodation Cheapest in Warsaw
April 7, 2010 By L.¯.    
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The latest edition of the Hotel Price Index, an annual report compiled by the Hotels.com online service, shows that the economic crisis took its toll on the hotel trade around the world last year, though in some countries, such as Italy, prices remained stable.
The average price for hotel rooms was the lowest in six years and dropped 14 percent globally. The sharpest declines occurred in Latin America (21 percent) and Asia (16 percent), while Europe was the most resistant to the crisis, with prices declining by 13 percent.
Despite the global crisis, demand for hotel accommodation was on the rise, said David Roche, president of Hotels.com.
Among EU member states, prices at hotels decreased the most in Britain (13 percent) and Ireland (12 percent). The Czech Republic reported a decline by 8 percent. In Poland, hotel owners had to cut prices last year and the average price decrease was 6 percent, with 5 percent in Warsaw and 4 percent in Cracow. In contrast, prices rose in France (by 5 percent), Greece and Belgium (each 2 percent), and Portugal (1 percent).
Globally, hotel accommodation prices declined the most in Russia, including a 27 percent drop in Moscow and a 18 percent fall in St. Petersburg. In Marrakech, hotel accommodation was 15 percent cheaper and room prices also dropped in Bucharest by 13 percent and in Beijing by 12 percent.
Monte Carlo remained the world's most expensive city, at an average of L172 per room per night, an increase of 3 percent. Riga, on the other hand, was the cheapest, at L60. Moscow retained its position as the second most expensive city in the world, at L169, despite the sharpest decline in prices. That goes to show how overpriced the Russian capital is, experts say. For example, a single room in a five-star hotel in Moscow cost L251 per night last year, while the same standard was available in Warsaw at just L81. Warsaw has the cheapest five-star hotels among the 60 cities surveyed in the Hotels.com report.
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