Tourist flood driving up Prague hotels revenues

Tourist flood driving up Prague hotels revenues

Published at: 2019-11-15 07:22 | Author: CIJEurope.com
The record numbers of tourist is driving up hotel prices to nearly Viennese levels, writes Hospodářské noviny, and the growing use of online platforms like Airbnb is doing little to stop this. "The panic by hotel operators proved unwarranted," says David Nath of Cushman & Wakefield's hotel division. "The influence of Airbnb is only felt during the busiest periods such as Eastern and New Years, when competition from the cheaper shared accommodations platforms doesn't allow hotels to raise prices as much as in the past." The paper cites numbers from the company STR, which monitors world hotel markets. It found that from January to the end of September, the average price of a room for one night in a 3-5 star hotel in Prague rose 2.2 percent to €93. Moreover, high occupancy rates have driven the average revenue per room rate up 3 percent to €73.

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