Hotel prices improve in North America

Hotel room prices increased last year.

Property management companies with interests in the hospitality market experienced improving conditions throughout the country during 2012.

North America had the second highest improvement in hotel prices when comparing regions, according to a report from The area's price gain was 5 percent, only slightly behind the Caribbean, which had a 6 percent gain from 2011.

The global Hotel Price Index from the website showed a figure of 107 for the 2012 year. This was an improvement from 2005, when it was 106, despite the figure still being below the 117 recorded two years later.

Multiple cities throughout the country experienced gains in hotel prices. Austin rose nearly 10 percent from 2011, the report explained. San Antonio also had a sizable gain year-over-year. Oahu, Hawaii, was considered one of the most expensive cities to use a hotel in the world, while Big Sur, California was the priciest in the world.

Much of the improvements in price was because the country received an influx of foreign travelers, the report added. The most common visitors to American hotels were from Japan, while South Africa and Norway finished second and third, respectively.

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