Hotel Rates About to Rise
Now is the time to book hotel rooms for the rest of 2014 and into 2015, as rates are likely to head upwards for the next 18 months, according to a report from PricewaterhouseCoopers (PwC). This year will likely see hotel occupancy reaching its highest levels in 20 years, the report said.
Travel has picked up significantly in the second quarter of 2014, with group business particularly strong. By 2015, new properties coming online will help meet the growing demand, but occupancy still will reach 64.8%, the highest since 1995. That will give hoteliers the confidence to push for higher room rate, PwC predicts.