Paying your hotel bill with a $100 bill? Don't expect change. The average cost of a hotel room in the USA has topped $100, a major milestone, according to industry watcher Smith Travel Research.
The firm says the average rate for the first four months of the year was $102.79, a 5.9% increase from the first four months of 2006, when it was $97.10.
Smith president Mark Lomanno told attendees of the NYU Hospitality Industry Investment Conference in New York this week that rising demand will continue pushing rates up in 2008, when he expects average daily rates to hit $108.
Averages can be deceiving, of course. The average rate in New York City in April was $254 - three times that of $85 in Detroit, according to Smith data. Prices "fluctuate wildly by market," Lomanno says.
Source - USATODAY
Logos, product and company names mentioned are the property of their respective owners.
