Hotel prices are also skyrocketing, especially in major US cities
Summer is coming and, with the temperatures, the price of vacations continues to rise. With gasoline prices rising every day, airfares and road trips quickly became more expensive. And now hotel prices are also skyrocketing.
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Bloomberg reports that according to hotel market data provider STR, hotel prices have risen about 33% in the United States over the past year, based on national averages for April and May. However, in some major cities, the price increases are much greater.
This is also reflected in the Trivago hotel price index. For example, the average price for a hotel room in San Francisco in June is $287, a year-over-year growth of 68.5%. An average room in New York in June costs $393, up 92.1% year-over-year. In Chicago, an average room will cost $361, which is a whopping 93.6% year-over-year growth.
Interestingly, there seems to be a very different picture overseas, which has seen hotel prices rise – but not as much. For example, according to the data, an average room in Marrakech in June costs $114, a growth of only 8% year-over-year. In Vienna, an average room costs $128, a year-over-year growth of 25.6%. And in Tokyo, an average room costs $101, up just 2.1% year-over-year.
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Bloomberg also compiled its own data on the average cost of four- and five-star hotels in the first five months of 2022 compared to the same period in 2019. It specifically looked at “seven leisure markets that epitomize luxury travel in summer,” including Cancun, the Greek Islands, the Amalfi Coast in Italy, and Bodrum, Turkey—as well as three U.S. markets.
Guess what? Price increases have been much more substantial in America. In fact, Cancun barely increased at all, the Greek Islands and the Amalfi Coast saw increases of around 20%, and Bodrum’s price change was 32%.
By comparison, the data reveals that over the same period, Nantucket, Massachusetts, saw a 45.66% increase. In the Hamptons, data shows a 51% increase, with the average price in 2022 being $1,240.17, up from $821.24 in 2019. Finally, in Miami, the average price in 2022 was $369.51 , an increase of 55.64% compared to 2019.
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