Survey after survey this year has reported good, even record times for the hotel industry in 2007. This week is no different with Rezidor and InterContinental both posting strong performances for the year and the HRG's annual survey noting significant rate rises.
The good times still seem to be rolling for hotels and the one factor travel buyers can grasp is that growth in 2008 may not be as fast as it was in 2007.
There are one or two dark patches in the HRG survey but they are not enough to dim the generally bright and optimistic picture it paints.
The first – and most significant – is that the US market is faring less well than other regions of the world. HRG reports that while all other markets enjoyed "steady average room rate growth", the US did not.
The room rate rise for the Americas is marginal (as is that for the UK) compared with substantial rises in Eastern Europe, the ASPAC region and MEWA (Middle East West Africa). HRG attributes the "mixed results" of the US market to the weak dollar and economic concerns "particularly in the last quarter."
But if the US fared less well, New York did not. The city where some hotels refuse one night bookings, still enjoys extremely high occupancy and it remains the world's second most expensive city for accommodation.
Secondly China, everybody's example of the booming economy, did not fare that well either.
Of the four major emerging economies, it did worst in terms of room rate growth. While Brazil's grew from £90 to just over £100, Russia's shot up from £215 to £240 and India's rose from £125 to £150, China's was practically static at around £85.
HRG attributed this to "significant hotel openings" particularly in Shanghai and Beijing (no doubt in time for this summer's Olympics) which have "mopped up" increased Western demand. Thirdly there were five cities where rates actually fell, although not by much. In this rare group were Bangalore and Philadelphia both down by 5%, Tokyo and Bristol, down 2% and Liverpool by 1%. The causes varied. Bangalore, for example, is facing competition as India's major IT centre while Liverpool has more rooms to cope with its European Culture City of the Year status.
But generally it is a picture of business travellers scrambling for rooms in major cities suffering a shortage of hotels which is not a situation likely to lead to reduced prices.
Seven cities enjoyed substantial double digit rate growth: Mumbai (37%), Barcelona (18%), Aberdeen (17%), Munich (12%), Stockholm (12%), Dubai (11%) and Moscow (11%).
As so often, Russia is a prime example of this. While its growth rate was lower than in 2006, it still tops the list of the world's most expensive cities with an average room rate of £247.99. New York is a poor second at £191.93.
But Russia also suffers from a lack of choice. Five-star hotels dominate the market to the detriment of budget and mid-market properties. With the growth in its popularity with business travellers and the shortage and consequent cost of land, this does not look likely to change in the near future.
Similar problems afflict Mumbai, India's finance centre: a shortage of land for new hotels and a current predominance of luxury properties.
What it all means is that with the "marked increase in the shortage of rooms" availability is becoming an increasing problem for bookers. HRG describes it as a "challenge" in some cities.
Ominously for the buyer, the survey adds: “There is a growing trend among hotels to deny clients the opportunity to book their negotiated rates.
"This situation is perpetuated in cities where demand is high and where clients have negotiated what appear to be highly competitive rates without last room availability. Inevitably this leads to higher costs with the client forced to book best available rate on the day."
Margaret Bowler, HRG's director global hotel relations, said: "A 67% increase in the number of bookings being denied due to the chosen hotel being genuinely full demonstrates the current strength in the hotel industry."
HRG also noted a trend of early check out fees which enable hotel to charge for customers who book more nights than they need and try and cancel the spare night on arrival.
So book early to avoid disappointment. The problem is that most corporates do not.
Most, about 55%, book between one to seven days before arrival while only the minority book seven to 14 days ahead. Some, about 10%, still try and book on the day of arrival.
Even if the hotels' rate of growth may be slower this year than last, the future still looks good for them.
Ms Bowler said: "We anticipate that 2008 will be a year of further growth for the global hotel industry, although some markets may experience a temporary slowdown in the growth of average room rates.
"However, suppliers are expected to maintain average rates as supply and demand balance out; hotels are indicating that even if occupancy levels dip slightly in the short-term they are looking to protect average room rates through aggressive yield management."
For the corporates, the picture is less rosy and they face tough negotiations in the next round of talks on rates with hoteliers. The ball still seems very much in the latter's court.