If you feel like holidaying within the country or travelling in Asia, there’s no better time than the present.
According to the latest hotel price index of Hotels.com, Asia is the only region among six that saw a dip in hotel room rates in 2014, when compared to 2013.
This is the second consecutive year the index has reported a fall in prices in Asia.
“For Asia, the index went down by two per cent. Over the years, the hotel price index has shown that Asia has long offered the best value destinations in the world and continues to do so,” the report said.
Hoteliers admit that room rates in India, especially in Chennai, have been on the decline. “In a majority of the metros, including Chennai, supply is far in excess of demand. Also, now service apartments offer standards as good as those of hotels, at half the cost. The prices are bound to continue to go down in the near future,” said T. Natarajan, secretary, South India Hotels and Restaurants Association.
Mr. Natarajan said he estimates the demand-supply ratio in Chennai to be 1:1.8, with at least 7,000 rooms available in the four- and five-star segments. “The occupancy rate in most hotels in the city is only around 45 to 55 per cent,” he said.
Agreeing that hotel prices have seen a fall in the past few years, Prakash Jayadevan, general manager, Courtyard by Marriott, Chennai, said the situation is now stabilising.
“As the newer luxury hotels were offering discounted rates, this had a trickle-down effect on other hotels too. But things are getting better this year,” he said.
With summer around the corner, for travellers, this is the best period to book and avail of great deals — especially with an increase in supply in the three-star and budget-hotel segment, said Sharat Dhall, president, Yatra.com.
“The declining trend in hotel prices has driven up impulse travel,” he said.
Low prices are the reason Gangapriya Chakraverti, an executive at a multinational in the city, is planning a Turkey trip this year.
“Turkey is working out very cheap. The drop in room rates is definitely great news for travellers, especially within Asia, as you can stay at super-luxury hotels at a fraction of the cost of staying in Europe,” she said, adding her hotel costs during her trip to Leh last summer were also very reasonable.
ANNUAL SWING
Average percentage price rise in actual prices paid for hotel rooms in 2014
Region | % change | Index |
North America | 5% | 116 |
Caribbean | 4% | 137 |
Europe and the Middle East | 4% | 108 |
Latin America | 2% | 131 |
Pacific | 0% | 123 |
Asia | -2% | 104 |
Global | 3% | 113 |
Source: Hotels.com Hotel Price Index
