World’s Most Expensive Cities For Hotel Stays 2012

By STAPHA CHARLEME: IBTraveler

August 17, 2012

Finding a great value hotel is a crucial step for most travelers, but your search for affordable accommodation will prove far more tasking if you plan on visiting some of the world’s most expensive cities. Locations like Moscow, Lagos, Rio De Janeiro, and Mexico City, are not for the faint of pocketbooks.

(Photo: Reuters)  Moscow

 

 

 

 

 

 

 

 

 

 

According to the latest bi-annual hotel survey from Hogg Robinson Group (HRG), the award-winning international corporate services company, hotel prices appear to be stabilizing, as 23 cities showed a year on year increase in 2012, compared with 33 cities in 2011.

“The results of the hotel survey present an intriguing picture of where businesses are channeling travel spend. Macroeconomic weakness and uncertainty are driving room rates down across mainland Europe, but the significant growth in room rates across the Latin American region indicates a shift in business priorities towards high potential destinations.” Stewart Harvey, Group Commercial Director At HRG said in a statement.

“Businesses are not necessarily spending less on travel, but they are certainly looking for ways to make existing budgets work harder. As demand drives hotel prices up in emerging regions, we are working with clients to help negotiate the fairest rates, and maximize the returns from travel-related expenditure.”

HRG trends revealed Moscow as the priciest city for hotel stays, with rates climbing to 3% in local currency since 2011. It has held the top spot for eight consecutive years.

In a surprising twist, Lagos, Nigeria, was a close second. The expense is attributed to “the high volume of inbound business travel connected with the oil industry.” Security has also played a major role in the soaring price of hotel rooms. “Travelers to Lagos are also conscious of the city’s well-documented security issues and are more inclined to stay in five-star accommodation.” The survey stated.

Latin American cities haven’t fared well in the first half of 2012.  “Mexico City reported the highest increase in room rates at 30% in local currency, as growth in demand, coupled with a lack of new openings, drove an aggressive increase in average achieved rates. Across the wider Latin American region, Rio de Janeiro and Sao Paulo reported rate increases of 15% and 23% respectively.”

All results are based on a combination of industry intelligence, actual room nights booked and rates paid during January to June 2012 compared to the same period in 2011.

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About Alexander Gordin
An international merchant banking professional with over twenty years of business operating and advisory experience in the areas of export finance, international project finance, risk mitigation and cross-border business development. Clients include foreign governments, municipalities and state enterprises as well as Fortune 500 and small/medium enterprises. Strong entrepreneurial instincts, combined with leadership and strategic skills. Transactional and negotiations experience in over thirty five countries. Author of the highly acclaimed "Fluent in Foreign Business" book and creator of the "Fluent in OPIC", "Fluent in EXIM","Fluent In Foreign Franchising", "Fluent in FCPA",and "Fluent in USTDA" seminar/webinar series. Currently developing "Fluent In ......" seminars and publications. Co-author of the Fi3 Country Business Appeal Indices. Extensive international business development and project finance transaction experience in healthcare, aerospace, ICT, conventional and alternative energy infrastructure, distribution and hospitality industries. Experience managing international public and private corporations. Co-Founded three companies abroad. Strong Emerging and Frontier Market expertise. Published and featured in numerous publications including: The Wall Street Journal, Knowledge@Wharton, NBC.com, The Chicago Tribune, Industry Week, Industry Today, Business Finance, Wharton Magazine Blog, NY Enterprise Report, Success magazine, Kyiv Post and on a number of radio and television programs including: Voice of America, CNBC, CNNfn, and Bloomberg. Frequent speaker on strategy, cross-border finance and international business development. Executive MBA from the Wharton School at the University of Pennsylvania. B.S. in Management of Information Systems from the Polytechnic Institute of NYU. Specialties Strategic Management Advisory, Export Finance, International Project Finance & Risk Management, Cross-border Negotiations, Structured Finance transactions, Senior Government and Corporate officials liason

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