"Average hotel room rates in major UK cities, including Cardiff, Edinburgh and Bristol have fallen by up to 20% in Q3 2016 when compared with Q32015."
This, the headline finding of the latest quarterly survey of average room rates across the world from hotel booking agency HRS.
The first of our charts this week shows what has happened in the course of the past year.
The figures show that average Cardiff room rates have fallen by 21.5% and those in Edinburgh by 16.9%.
HRS UK and Ireland's managing director Andy Besent said, "It's too early to say whether or not this is due to the outcome of the Brexit vote, but we are watching to see if this pattern continues. Whilst it's no doubt concerning for the hotel industry, the fall in prices should at least make the UK a more attractive and cost effective destination for foreign business and leisure travellers."
Cause for rejoice among travel buyers then?
Possibly but it is interesting to look beyond the headlines here. The above chart shows the average price paid in euros. When we look at the same chart priced in pounds, we see a different story.
This shows that, for people buying rooms in pounds, Cardiff has remained flat while those in Edinburgh have increased by 6.9%. Rates in Birmingham have increased by 16.7% in local currency.
The main difference, clearly, is the changing exchange rate between the pound and the euro, notably sterling's decline after the EU referendum. On 28 October 2016, the date the 2016 survey was carried out, the exchange rate was 1 GBP = 1.1086 EUR. On 20 November 2015, the date the 2015 survey was carried out, the exchange rate was 1 GBP = 1.4269 EUR. This represents a 28.7% drop in the value of sterling against the euro a little over a year.
It is certainly too early to say whether Brexit has had an effect on demand from euro-spending travel buyers but it has certainly had an effect on the value of the pound.