Survey: Hotel Rates Will Probably Rise This Fall
If a new survey is any indication, the cost of a hotel or motel room is going up -- both in the U.S. and around the world.
Travel site TripAdvisor surveyed 25,000 hotel operators, including 5,000 in the U.S., and found that 47 percent expect to raise their room rates this fall. Only 16 percent said they expect comparatively low rates. Most of those are in Europe, where economic conditions are highly uncertain.
When it comes to expectations of higher rates for hotel rooms, the U.S. leads the world with 47 percent of hotels planning to increase the cost of an overnight stay. Brazil, Russia, Indonesia and Turkey round out the top five countries where rate will likely rise.
As you might expect, however, you will probably get a pretty good deal on a room in Greece. That country's hotels lead the world in expectations of declining hotel room rates. Spain, Italy, Australia and New Zealand round out the top five.
A tale of two global economies
The breakdown tells the story of the global economy. Where business conditions are stronger, it's more likely that travel costs will rise. Where conditions are poor, travelers are more likely to find bargains.
For example, the U.S. ranks fourth in the world for hotels with the best business outlook, while Greece ranks last. Indonesian hotels offered the world's strongest business outlook in the survey, followed by Brazil and Russia.
After Greece's most negative outlook, hotels in Italy, Spain, France and New Zealand all expressed the worry that business conditions for travel are worsening.
Despite the U.S.' strong travel business outlook, hotels are less optimistic about adding jobs. At U.S. hotels, plans to hire have dropped from 27 percent last year to 15 percent in the latest survey.
Outside of North America, hoteliers in India and Brazil are reportedly the most likely to increase the size of their staffs, while operators in France and the UK are least likely to add new employees.