30 November 2022, Virtual
12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
Hogg Robinson Group UK (HRG UK) has released its latest hotel survey. The report reveals Moscow as the most expensive city in the corporate hotel market, with an average room rate of ”219.19 ($427 ” an increase of 29% from 2005). The biggest increase in average room rate is in Mumbai, up 49% to ”109.55 ($213).
The company reveals this year is the first to see rate increases in direct proportion with star ratings, so that the higher the star rating the greater the increase in rates.
The top 10 most expensive cities cited by HRG, from dearest to cheapest, are: Moscow, New York, Paris, Milan, Hong Kong, London, Dubai, Stockholm, Geneva and finally Rome. HRG highlights the growth of Moscow as a business destination as a reason for the high rates, and predicts the current lack of business amenities in many hotels will soon be rectified through future property developments. Hong Kong enters the top 10 for the first time to come straight in as the fifth most expensive destination; Zurich has meanwhile dropped from the list and is now 14th.
HRG UK general manager of hotel relations Margaret Bowler said: ”All regions have continued to record growth in average room rates this year. The highest increases have been seen in Asia Pacific, which is up by almost 20% (”17.67/$34.4 per night). This is reflective of the significant growth recorded in India, Singapore, Hong Kong and Tokyo. Eastern Europe has also seen considerable growth with rates up 18% on last year”s figures. The lowest increase has been recorded in the UK which has only risen by around 5% (”5.25/$10.2 per night).”
In the UK Manchester has recorded the highest rate growth, up 13% on 2005 figures. HRG says this is due to the considerable investment the city has enjoyed to become a leading business destination. The International Congress and Convention Association (ICCA) rates the city as one of the top 60 most successful conference destinations.