"With the addition of the “2018 Negotiated Hotel Room Rates by City” analysis, we can point to top hotel markets and their average negotiated room rate increase/decrease year over year."
NEW YORK (PRWEB) April 02, 2018
Ovation Corporate Travel, one of the largest independently owned travel management companies in the U.S., has published its Annual Business Travel Index, providing a snapshot of the past 5 years’ worth of Multi-Industry, Financial Services Firm Industry and Law Firm Industry Business Travel average prices paid for air and hotel as well as domestic and international travel patterns. This year, Ovation’s Annual Business Travel Index also includes a new section, “2018 Negotiated Hotel Room Rates by City” which gives a city-by-city analysis of negotiated hotel room rates in the top hotel markets for Ovation’s proprietary Preferred Hotel Partners Program showing either average percentage increase or decrease in a city’s room rates, year-over-year, for 2018 as compared to 2017.
Click here to download Ovation's 2018 Annual Business Travel Index.
The Annual Index contains 5 years of data findings, charted quarterly, illustrating the following statistics:
- Average airfare price paid Domestically and Internationally
- Average hotel rate paid Domestically and Internationally
- Percentage breakdown of Economy, Business Class and First Class tickets
- Percentage breakdown of Domestic and International tickets
- Percentage year-over-year increase/decrease for negotiated hotel room rates in top hotel markets Domestically and Internationally
Ovation utilizes this high-level analysis to identify quarterly and annual trends and to benchmark individual client activity against a ‘yardstick’ representing over $230 million (Multi-Industry-Mix Business Travel Index), $50 million (Financial Services Firm Business Travel Index) and $180 million (Law Firm Business Travel Index) in annual air and hotel spend. The data serves as a resource in determining opportunities for strengthening clients’ travel programs in such areas as travel policy adjustment, service enhancements and supplier negotiations.
“For the first three quarters of 2017, we saw the average prices paid for domestic flights at or near five year lows across all three Indexes,” noted Executive Vice President, Michael Steiner. “Q4 broke that trend, with domestic average prices paid spiking up notably over recent years’ Q4 averages. Internationally, we saw a similar, though not as definitive spike in average airfare prices paid for Q4. At the same time, these industry groups remained relatively steady in terms of year over year patterns for class of service and domestic vs. international travel, with small shifts across the board in terms of these travel patterns. On the hotel side, we continue to see domestic hotel average room rates paid increasing, for the most part, year over year, while international hotel average room rates paid increased less steadily. Finally, with the addition of the '2018 Negotiated Hotel Room Rates by City' analysis, we can point to top hotel markets and their average negotiated room rate increase/decrease year over year. For example, Denver was the city with the greatest average negotiated hotel rate increase in 2018 vs. 2017 with an average increase of 4.5% while Beijing had the greatest year-over-year decrease, with negotiated room rates down 2.95% on average.”
Ovation serves over 700 clients, including over 250 financial services firm clients and over 200 law firms through its law firm-focused sister company, Lawyers Travel; data for these indexes was culled from a cross-industry-sample of clients within each of these areas.
To download Ovation's 2018 Annual Business Travel Index click here.