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United States
Asia Pacific
Hotel bookings defy economic gloom
Global business travel hotel bookings grew by 10.2 percent over prior year in August, up from July’s 5.8 percent increase, Pegasus Solutions reports.
Bookings for both the business and leisure markets showed continued resilience despite the US and European economic debt and credit crises that overshadowed the month.
Certain regional leisure markets did experience sensitivity to local economic pressures, however the overarching trend was solid growth, according to Mike Kistner, chief executive of Pegasus Solutions.
“While the hotel industry is strongly influenced by the economy, leisure and business travellers don’t take their marching orders from it,†said Kistner.
“We saw financial markets experience wild swings last month, but in our sector, we saw corporate and leisure travel markets not just continue to grow, but actually gain momentum, powering through the bad news of the US and European debt and credit crises.â€
Corporate travel markets saw continued rate growth in August, increasing 4.7 percent over prior year.
Leisure travel volume grew on a global level by 4.2 percent, gaining pace from July’s rate of 3.1 percent.
Average daily rate (ADR) for leisure bookings grew 3.7 percent, outpacing the 3.1 percent year-to-date growth average.
The Pegasus View reporting on August 2011 bookings is available online and by free subscription at www.pegs.com.
Ian Jarrett
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