Why the most pricey hotel in Hawaii might be less expensive in Las Vegas.
It’s the case for a lot of properties around the world, according to a new study by PricewaterhouseCoopers, which found the cost of living in a hotel is the same for many of the world ‘s priciest cities, according a new report.
Read moreThe study found the average cost of a hotel room in the United States is $2,000 more than in New York and London, with most of the increases coming in the most popular American cities.
The findings were released as hoteliers prepare to launch their first annual global rankings of the countrys most expensive hotels.
The most expensive cities include New York ($2,769), London ($2 ,846), Paris ($2.2 million), and Shanghai ($2 .8 million).
In comparison, the most affordable cities include Los Angeles ($2 $2), Los Angeles, New York City ($2) and Shanghai, China ($2).
The top ten most expensive properties in the country, as of May, 2017, are listed in the report, which covers hotels in major US cities, with the top 10 being:1.
Holiday Inn, Grand Hyatt, Chicago, $1.1 million2.
Marriott International Hotel, San Francisco, $821,0003.
Sheraton, Chicago (US), $1,001,0004.
Hyatt City, New Orleans, $521,5005.
Plaza West, Los Angeles (US) $4,0015.
Hilton Garden Inn, Houston, $3,0006.
Four Seasons, New Jersey, $2.8 million7.
Grand Hy-Town, New Haven, Connecticut, $10,0008.
Hilton Head, Charlotte, $941,0009.
Marriott Vacation Club, Las Vegas, $984,00010.
Holiday Bistro, San Diego, $894,400The study also examined a variety of other luxury hotels in the U.S. It found the number of hotel rooms per 1,000 people rose in 2017 from 0.7 to 0.8, with average room prices in the top 20 highest-priced cities increasing by $1 per person, compared to $1 each year prior to that.
The study said this rise is largely due to a number of factors, including higher hotel occupancy rates in the citys most popular tourist destinations such as Las Vegas and New York.
However, the study also noted that the rising cost of accommodation is not being offset by the increasing number of residents staying in the cities, which has resulted in a number more hotel rooms being built.
“Hotel occupancy is at its highest level in decades, and this may have impacted hotel room demand and occupancy growth in some areas,” the study said.
“The recent surge in demand for hotel rooms is not offset by a lack of occupancy at other venues, including convention centers and other leisure and hospitality destinations, and it may be that higher hotel room rates have contributed to the increased demand for accommodation.”
The study, which was commissioned by the New York Times, found that the number and average price of hotel room occupancy in cities with a population of at least 25,000 increased by 4.2% in 2017 compared to the previous year, with cities with an average population of more than 40,000 experiencing a 5.3% increase in hotel room prices.
The number of average hotel room nights in the same cities fell by 0.9% from 2016 to 2017.
In the cities where prices fell the most, the average room price increased by 3.2%, the study found.
“In some cities, occupancy rates have declined, and the number in these cities is not increasing,” the report said.
“However, as a result of the increase in occupancy, prices have also increased.
The increased prices have resulted in more hotel room vacancies, which in turn has resulted from the increasing demand for housing in these citys.”
The number and price of lodging occupancy are also likely to be influenced by factors other than the hotel occupancy rate.
These include increases in occupancy rates of existing hotels and new developments, which have resulted from new hotel construction and development, the increased occupancy of new condominium developments, and new construction and/or construction of rental properties.”
For more information on the study, including the full report, please visit: https://www.pwc.com/travel-and-resorts/hotel-booking/top-10-most-expensive-hotels-in-the-world-by-percentage-source Business Insider