Hotel booking volumes remain flat

Hotel booking volumes remain flat

Continued struggle to return to 2007 rates

Continued struggle to return to 2007 rates

Rates have gone up
Rates have gone up

Global business and leisure hotel bookings remained at the same level as last year’s October this year.

Business hotel rates were up 0.5% year-on-year and 0.6% year-to-date.

In the leisure sector bookings were 1.3% less than last year but 1.7% up year-to-date. Rates are 2.3% higher.

“Five years ago, our industry had just been hit with the effects of the economic downturn,” said David Millili, CEO of Pegasus Solutions.

“Hotels across every region and segment experienced a dip in occupancy and rates. Bookings have been recovered for a couple of years now, but we continue to struggle to return rates to 2007 levels. For the corporate channel, October rates actually set a year-to-date pace of +1.1% over October 2007, though they were still off that month’s performance by -3.5%. Every bit of growth we see in those rates brings us closer to being fully ‘recovered’, which is still a ways off for the leisure market,” he added.

More stable bookings are expected up to the end of the year.

Gary Marshall
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Gary Marshall
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