Hotel Prices Are Soaring, Too — Especially in Big U.S. Cities
Summer is kicking in, and along with the temperatures, the price tag for a vacation keeps going up. With gas prices increasing every day, airfares and road trips have been becoming rapidly more expensive. And now, hotel prices are skyrocketing as well.
Bloomberg reports that according to hotel market data provider STR, hotel prices increased by around 33% across the U.S. over the last year, based on national averages from April and May. However, in some major cities, the price hikes are much more significant.
This is also reflected in the Trivago Hotel Price Index. For example, the average hotel price for a hotel room in San Francisco in June is $287 — a 68.5% year-over-year growth. An average room in New York in June is $393, a 92.1% year-over-year growth. In Chicago, an average room will cost $361, which is a whopping 93.6% year-over-year growth.
What’s interesting is there seems to be a vastly different picture overseas, which has seen hotel prices increase — but not by nearly as much. For example, according to the data, an average room in Marrakech in June is $114, just an 8% year-over-year growth. In Vienna, an average room is $128, a 25.6% year-over-year growth. And in Tokyo, an average room is $101, a mere 2.1% year-over-year growth.
Bloomberg also compiled its own data for what four- and five-star hotels have been costing, on average, in the first five months of 2022 compared with the same period in 2019. It specifically looked at “seven leisure markets that epitomize summer luxury travel,” including Cancun, the Greek Islands, the Amalfi Coast in Italy and Bodrum, Turkey — along with three U.S. markets.
Guess what? The price increases were way more substantial in America. In fact, Cancun barely had any increase, the Greek Islands and Amalfi Coast saw around 20% increases and Bodrum’s price change was 32%.
In comparison, the data finds during that same time, Nantucket, Massachusetts experienced a 45.66% increase. In the Hamptons, the data shows a 51% increase, as the average price in 2022 is $1,240.17, up from $821.24 in 2019. Finally, in Miami, the average price in 2022 was $369.51, a 55.64% increase from 2019.
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