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HRG Interim Hotel Report January – June 2016 2
© Hogg Robinson Group 2016CONTENTS
Contents 3
Key Findings
4
Top 50 Cities
6
Top Five Increases In Local Currency
7
Top Five Decreases In Local Currency
8
Global Regions ARR GBP
9
North America Focus
10
Europe Focus
11
Asia Pacific Focus
12
MEWA Focus
13
UK Focus
HRG Interim Hotel Report January – June 2016 3
© Hogg Robinson Group 2016CONTENTS
•PARIS•IS THE UK’S MOST EXPENSIVE CITY
Key Findings
Moscow REMAINS THE WORLD’S MOST
EXPENSIVE CITY FOR THE 12TH CONSECUTIVE YEAR
The world’s top 50 most expensive cities remain the same with small place changes in rankings
AVERAGE ROOM RATES by region saw little change with the exception of Europe and MEWA, both regions show growth in ARR
IN NORTH AMERICA, SAN FRANCISCO WAS THE REGION’S MOST EXPENSIVE CITY
(2015’s interim report saw New York ranked first)
is the most expensive city in the Eurozone
– • –
F O L LO W E D C LO S E LY B Y
F R A N K F U R T & B R U S S E L S
$
$
$ $$
1
M•PARIS•
h
LONDON
and has enjoyed a
1.77%INCREASE IN ARR
LONDON
PARIS
MOSCOW
SAN FRANSISCO
HRG Interim Hotel Report January – June 2016 4
© Hogg Robinson Group 2016CONTENTS
Top 50 Cities
Ranking 2016
Ranking 2015
City Currency 2016 Exchange Rate
2015 Exchange Rate
Jan-Jun 2016 ARR GBP
Jan-Jun 2015 ARR GBP
GBP ARR % Var
Jan-Jun 2016 ARR Local
Jan-Jun 2015 ARR Local
Local ARR % Var
Exchange Rate % Var
1 1 MOSCOW RUR 100.329 87.8296 £257.85 £266.22 -3.14% RUR 25,869.83 RUR 23,382.00 10.64% 14.23%
2 3 SAN FRANCISCO USD 1.4329 1.5233 £247.41 £222.09 11.40% USD 354.51 USD 338.31 4.79% -5.93%
3 11 WASHINGTON USD 1.4329 1.5233 £232.90 £206.93 12.55% USD 333.72 USD 315.22 5.87% -5.93%
4 2 NEW YORK CITY USD 1.4329 1.5233 £229.19 £222.79 2.87% USD 328.41 USD 339.38 -3.23% -5.93%
5 12 TOKYO JPY 159.884 183.19 £204.45 £171.64 19.12% JPY 32,688.28 JPY 31,442.73 3.96% -12.72%
6 4 GENEVA CHF 1.4067 1.4423 £203.12 £197.65 2.77% CHF 285.73 CHF 285.07 0.23% -2.47%
7 7 LAGOS NGN 288.659 297.561 £197.27 £186.43 5.81% NGN 56,943.76 NGN 55,474.30 2.65% -2.99%
8 6 HONG KONG HKD 11.1296 11.8107 £196.29 £193.71 1.33% HKD 2,184.63 HKD 2,287.85 -4.51% -5.77%
9 5 ZURICH CHF 1.4067 1.4423 £189.80 £196.86 -3.59% CHF 266.99 CHF 283.93 -5.97% -2.47%
10 10 RIO DE JANEIRO BRL 5.299 4.515 £185.28 £177.00 4.68% BRL 981.80 BRL 799.16 22.85% 17.36%
11 8 SYDNEY AUD 1.954 1.9466 £184.15 £179.57 2.55% AUD 359.83 AUD 349.55 2.94% 0.38%
12 19 STOCKHOLM SEK 11.9347 12.7436 £181.99 £155.60 16.96% SEK 2,172.00 SEK 1,982.90 9.54% -6.35%
13 9 PARIS EUR 1.2834 1.3643 £175.90 £177.31 -0.80% EUR 225.75 EUR 241.90 -6.68% -5.93%
14 13 MIAMI USD 1.4329 1.5233 £175.33 £170.35 2.92% USD 251.23 USD 259.49 -3.18% -5.93%
15 18 SINGAPORE SGD 1.9774 2.0548 £174.71 £163.69 6.73% SGD 345.47 SGD 336.35 2.71% -3.77%
16 15 LONDON GBP 1 1 £172.12 £169.12 1.77% GBP 172.12 GBP 169.12 1.77% 0.00%
17 14 BASEL CHF 1.4067 1.4423 £168.69 £169.60 -0.54% CHF 237.30 CHF 244.61 -2.99% -2.47%
18 17 SEOUL KRW 1,688.06 1,672.61 £166.32 £163.73 1.58% KRW 280,758.14 KRW 273,856.44 2.52% 0.92%
19 16 DUBAI AED 5.26118 5.7717 £163.84 £165.04 -0.73% AED 861.99 AED 952.56 -9.51% -8.85%
20 22 FRANKFURT EUR 1.2834 1.3643 £160.39 £150.26 6.74% EUR 205.84 EUR 205.00 0.41% -5.93%
21 25 NAIROBI KES 143.004 140.476 £158.71 £145.33 9.21% KES 22,696.16 KES 20,415.38 11.17% 1.80%
22 20 COPENHAGEN DKK 9.5607 10.1697 £158.46 £151.57 4.55% DKK 1,514.99 DKK 1,541.42 -1.71% -5.99%
Moscow continues to dominate as the world’s most
expensive city for the 12th consecutive year. A slight fall in
average rate in GBP was effected massively by the large
movement in the exchange rate, which saw a modest 3.14%
fall in GBP translated into a large 10.64% rise in local currency.
21 of the top 50 cities have seen an average room rate increase (23
cities saw room rates increase in the 2015 report), showing uncertainty
continuing to impact global markets. 23 cities saw a decrease in average
room rates and six cities remained the same.
HRG Interim Hotel Report January – June 2016 5
© Hogg Robinson Group 2016CONTENTS
Ranking 2016
Ranking 2015
City Currency 2016 Exchange Rate
2015 Exchange Rate
Jan-Jun 2016 ARR GBP
Jan-Jun 2015 ARR GBP
GBP ARR % Var
Jan-Jun 2016 ARR Local
Jan-Jun 2015 ARR Local
Local ARR % Var
Exchange Rate % Var
23 33 PHILADELPHIA USD 1.4329 1.5233 £151.32 £130.07 16.34% USD 216.83 USD 198.14 9.43% -5.93%
24 29 AMSTERDAM EUR 1.2834 1.3643 £149.48 £135.03 10.70% EUR 191.84 EUR 184.22 4.14% -5.93%
25 26 MILAN EUR 1.2834 1.3643 £147.77 £144.93 1.96% EUR 189.65 EUR 197.73 -4.09% -5.93%
26 21 OSLO NOK 12.0812 11.7929 £147.44 £150.51 -2.04% NOK 1,781.25 NOK 1,774.95 0.36% 2.44%
27 27 SHANGHAI CNY 9.3647 9.3112 £145.16 £137.36 5.68% CNY 1,359.38 CNY 1,278.99 6.29% 0.57%
28 28 BEIJING CNY 9.3647 9.3112 £143.56 £137.18 4.65% CNY 1,344.40 CNY 1,277.31 5.25% 0.57%
29 23 SAO PAULO BRL 5.299 4.515 £142.54 £150.22 -5.11% BRL 755.32 BRL 678.24 11.36% 17.36%
30 30 NEW DELHI INR 96.1601 95.5957 £138.11 £134.72 2.52% INR 13,280.67 INR 12,878.65 3.12% 0.59%
31 32 BRUSSELS EUR 1.2834 1.3643 £138.08 £131.11 5.32% EUR 177.21 EUR 178.87 -0.93% -5.93%
32 24 HOUSTON USD 1.4329 1.5233 £137.95 £145.85 -5.42% USD 197.67 USD 222.17 -11.03% -5.93%
33 35 BARCELONA EUR 1.2834 1.3643 £137.34 £125.74 9.23% EUR 176.26 EUR 171.55 2.75% -5.93%
34 42 DUSSELDORF EUR 1.2834 1.3643 £136.97 £127.77 7.20% EUR 175.79 EUR 174.32 0.84% -5.93%
35 39 CAPE TOWN SAR 22.0655 18.1359 £133.57 £122.07 9.42% SAR 2,947.29 SAR 2,213.85 33.13% 21.67%
36 31 ATHENS EUR 1.2834 1.3643 £132.58 £131.33 0.95% EUR 170.15 EUR 179.17 -5.03% -5.93%
37 44 PITTSBURGH USD 1.4329 1.5233 £132.13 £117.01 12.92% USD 189.33 USD 178.24 6.22% -5.93%
38 46 MUNICH EUR 1.2834 1.3643 £125.36 £114.05 9.92% EUR 160.89 EUR 155.60 3.40% -5.93%
39 47 BERLIN EUR 1.2834 1.3643 £121.06 £111.97 8.12% EUR 155.37 EUR 152.76 1.71% -5.93%
40 43 ABU DHABI AED 5.26118 5.7717 £120.90 £117.82 2.61% AED 636.08 AED 680.02 -6.46% -8.85%
41 34 TORONTO CAD 1.9063 1.8794 £119.39 £129.60 -7.88% CAD 227.59 CAD 243.57 -6.56% 1.43%
42 45 HAMBURG EUR 1.2834 1.3643 £118.80 £114.67 3.60% EUR 152.47 EUR 156.44 -2.54% -5.93%
43 38 MUMBAI INR 96.1601 95.5957 £118.69 £123.23 -3.68% INR 11,413.24 INR 11,780.26 -3.12% 0.59%
44 48 MADRID EUR 1.2834 1.3643 £113.22 £109.34 3.55% EUR 145.31 EUR 149.17 -2.59% -5.93%
45 40 ROME EUR 1.2834 1.3643 £111.87 £120.88 -7.45% EUR 143.57 EUR 164.92 -12.94% -5.93%
46 36 ISTANBUL TRL 4.1834 3.9026 £111.45 £122.67 -9.15% TRL 466.24 TRL 478.73 -2.61% 7.20%
47 41 JOHANNESBURG SAR 22.0655 18.1359 £110.25 £120.71 -8.67% SAR 2,432.72 SAR 2,189.18 11.12% 21.67%
48 50 BANGALORE INR 96.1601 95.5957 £99.07 £99.15 -0.08% INR 9,526.58 INR 9,478.31 0.51% 0.59%
49 37 HEATHROW GBP 1 1 £98.63 £99.45 -0.82% GBP 98.63 GBP 99.45 -0.82% 0.00%
50 49 MANCHESTER GBP 1 1 £98.27 £99.00 -0.74% GBP 98.27 GBP 99.00 -0.74% 0.00%
HRG Interim Hotel Report January – June 2016 6
© Hogg Robinson Group 2016CONTENTS
Top Five Increases In Local Currency
CAPE TOWN
NAIROBI
RIO DE JANEIRO
All the big positive movers in average room
rates in this period with the exception of one
have seen large swings in the exchange rate
influence what was a modest move in GBP to
large increases in local currency.
The exception is Nairobi, where continued
reliance on upper scale hotels for added
security means average room rates continue
to rise despite only a modest move in
exchange rate.
SAO PAULO JOHANNESBURG
CAPE TOWN
Jan-Jun 2016 ARR Local
SAR 2,947.29Jan-Jun 2015 ARR Local
SAR 2,213.85Local ARR % Var
33.13%Exchange Rate % Var
21.67%
RIO DE JANEIRO
Jan-Jun 2016 ARR Local
BRL 981.80Jan-Jun 2015 ARR Local
BRL 799.16Local ARR % Var
22.85%Exchange Rate % Var
17.36%
SAO PAULO
Jan-Jun 2016 ARR Local
BRL 755.32Jan-Jun 2015 ARR Local
BRL 678.24Local ARR % Var
11.36%Exchange Rate % Var
17.36%
NAIROBI
Jan-Jun 2016 ARR Local
KES 22,696.16Jan-Jun 2015 ARR Local
KES 20,415.38Local ARR % Var
11.17%Exchange Rate % Var
1.80%
JOHANNESBURG
Jan-Jun 2016 ARR Local
SAR 2,432.72Jan-Jun 2015 ARR Local
SAR 2,189.18Local ARR % Var
11.12%Exchange Rate % Var
21.67%
HRG Interim Hotel Report January – June 2016 7
© Hogg Robinson Group 2016CONTENTS
Top Five Decreases In Local Currency
ROME
DUBAI
ABERDEEN
PARIS
HOUSTON
ABERDEEN
Jan-Jun 2016 ARR Local
GBP 97.31Jan-Jun 2015 ARR Local
GBP 123.39Local ARR % Var
-21.14%Exchange Rate % Var
0.00%
ROME
Jan-Jun 2016 ARR Local
EUR 143.57Jan-Jun 2015 ARR Local
EUR 164.92Local ARR % Var
-12.94%Exchange Rate % Var
-5.93%Rome saw a modest fall in average room rate in GBP which was nearly doubled as a result of movement in the exchange rate; the city saw a larger average room rate fall in local currency.
HOUSTON
Jan-Jun 2016 ARR Local
USD 197.67Jan-Jun 2015 ARR Local
USD 222.17Local ARR % Var
-11.03%Exchange Rate % Var
-5.93%
PARIS
Jan-Jun 2016 ARR Local
EUR 225.75Jan-Jun 2015 ARR Local
EUR 241.90Local ARR % Var
-6.68%Exchange Rate % Var
-5.93%Paris also saw a fairly flat movement in GBP in average room rate which was again turned negative in local currency by the exchange rate movement.
DUBAI
Jan-Jun 2016 ARR Local
AED 861.99Jan-Jun 2015 ARR Local
AED 952.56Local ARR % Var
-9.51%Exchange Rate % Var
-8.85%Dubai saw a more or less flat average room rate movement in terms of GBP as more and more rooms are added to the city in preparation for Expo 2020. The movement in exchange rate saw this translate into a fall in average room rate in local currency.
Aberdeen and Houston continue to see the effects of falling demand driven by the oil and gas sector, along with the impact of a few new openings.
Regional Performance
2016 so far has seen a slowdown in average
room rate growth in general with only two
global regions – Europe and MEWA – recording
overall growth. Cities within each region
continue to show a large disparity in terms of
average room rate movement.
Once again this supports the findings that
regional performance is becoming less
dominant when compared to mega city
performance within regions.
HRG Interim Hotel Report January – June 2016 8
© Hogg Robinson Group 2016CONTENTS
EUROPE average
APR 2016
£118.54APR 2015
£115.25MEWA average
APR 2016
£187.65APR 2015
£157.13
AMERICAS average
APR 2016
£136.94APR 2015
£140.50
ASIA average
APR 2016
£129.88APR 2015
£132.52
AFRICA average
APR 2016
£123.04APR 2015
£138.30
Global Regions ARR GBP
HRG Interim Hotel Report January – June 2016 9
© Hogg Robinson Group 2016CONTENTS
Houston once again saw a modest fall in GBP driven by the downturn in the oil
and energy sector and magnified by the exchange rate movement to a much
larger -11.03% drop in average room rate locally.
North America Focus
City ARR Local 16 ARR Local 15 Local Var Exc Rate Var
SAN FRANCISCO USD 354.51 USD 338.31 4.79% -5.93%
WASHINGTON DC USD 333.72 USD 315.22 5.87% -5.93%
NEW YORK CITY USD 328.41 USD 339.38 -3.23% -5.93%
BOSTON USD 328.06 USD 319.01 2.84% -5.93%
LOS ANGELES USD 280.78 USD 269.09 4.34% -5.93%
CHICAGO USD 238.51 USD 263.55 -9.50% -5.93%
VANCOUVER CAD 234.95 CAD 212.73 10.45% 1.43%
TORONTO CAD 227.59 CAD 243.57 -6.56% 1.43%
PHILADELPHIA USD 216.83 USD 198.14 9.43% -5.93%
OTTAWA CAD 216.08 CAD 188.69 14.51% 1.43%
HOUSTON USD 197.67 USD 222.17 -11.03% -5.93%
MONTREAL CAD 188.40 CAD 175.03 7.64% 1.43%
Travel to New York City continues to increase,
but with many more options now available
including the sharing economy, a lower
average room rate growth in GBP turned
slightly negative due to the exchange rate
movement. Occupancy in many areas is lower
than projected.
Washington DC is seeing an increase in
demand as the presidential election year
progresses. Even with the exchange rate
pulling the average room rate backwards for
international visitors the city delivered a 5.87%
increase in average room rate locally.
San Francisco and Boston are feeling the effects
of strong corporate demand coupled with no
new bed stock pushing up average room rates
in both cities.
Chicago has seen a softer convention season
and as such average room rate has fallen
modestly which was magnified by the
movement in exchange rate.
Vancouver has seen a very strong leisure base
top up a buoyant corporate demand coupled
with no significant new openings.
Ottawa has seen very strong leisure demand
coupled with corporate demand which has
driven up the average room rates.
Montreal saw a major hotel close down taking
approximately 450 rooms out of the city, with
strong corporate demand this resulted in an
increase in average room rates along with an
exchange rate movement that pushed rates
even higher.
HRG Interim Hotel Report January – June 2016 10
© Hogg Robinson Group 2016CONTENTS
Moscow continues to dominate as the world’s most expensive city for the 12th
consecutive year. A slight fall in average rate in GBP was effected massively by
the large movement in the exchange rate, which saw a modest 3.14% fall in GBP
translated into a large 10.64% rise in local currency.
Europe Focus
City ARR Local 16 ARR Local 15 Local Var Exc Rate Var
MOSCOW RUR 25,869.83 RUR 23,382.00 10.64% 14.23%
GENEVA CHF 285.73 CHF 285.07 0.23% -2.47%
PARIS EUR 225.75 EUR 241.90 -6.68% -5.93%
FRANKFURT EUR 205.84 EUR 205.00 0.41% -5.93%
BRUSSELS EUR 177.21 EUR 178.87 -0.93% -5.93%
BARCELONA EUR 176.26 EUR 171.55 2.75% -5.93%
ATEHNS EUR 170.15 EUR 179.17 -5.03% -5.93%
VIENNA EUR 165.44 EUR 161.83 2.23% -5.93%
BERLIN EUR 155.37 EUR 152.76 1.71% -5.93%
HAMBURG EUR 152.47 EUR 156.44 -2.54% -5.93%
MADRID EUR 145.31 EUR 149.17 -2.59% -5.93%
DUBLIN EUR 144.25 EUR 132.83 8.60% -5.93%
Paris was the most expensive city in the
Eurozone despite showing a drop in average
room rates in local currency. In GBP the average
room rate remained almost flat year on year
with the local drop reflecting the movement in
exchange rate.
Dublin saw rising corporate demand coupled
with strong leisure demand and limited new
openings. Together this drove a large 8.6%
average room rate growth in local currency,
even coupled with a backwards movement in
exchange rate.
Athens saw a flat performance in average room
rate in GBP but the movement in exchange
rate saw the modest backwards movement of
-5.03% locally.
Barcelona benefits from strong leisure business
which tops up a growing corporate demand
and saw a modest 2.75% increase in average
room rate.
Madrid saw a decline of 2.59% in average
room rate. This was driven by the movement
in exchange rate turning a 3.55% rise in GBP
average room rate negative locally.
HRG Interim Hotel Report January – June 2016 11
© Hogg Robinson Group 2016CONTENTS
Hong Kong actually saw a small rise in average room rates in GBP. Movement in
exchange rate saw that translated locally into a small fall in average room rate.
Asia Pacific Focus
Tokyo saw a large increase in average room
rate in GBP due to increased demand. However
when coupled with a large negative movement
in the exchange rate this saw only a modest
3.9% increase locally.
An increase in demand in New Delhi has filled
many of the new mid-market rooms that came
on line over the last 12 months resulting in a
modest average room rate growth for the city.
Mumbai and Hyderabad saw a softening of
demand from a group’s perspective which
meant there was more capacity. This drove a
small negative average room rate movement in
both cities.
Even with the high supply of hotel rooms in
both Beijing and Shanghai, domestic travel
within China is driving the average room
rates higher. Three months of positive and
accelerating growth rates confirm a recovery in
business activity for China’s hoteliers.
The increase in average room rate in Sydney
was due to large conferences and special
events for the first six months of the year.
January to March is High Season and so a
combination of summer holiday and also pre
and post cruise accommodation influenced
demand. City ARR Local 16 ARR Local 15 Local Var Exc Rate Var
HONG KONG HKD 2,184.63 HKD 2,287.85 -4.51% -5.77%
SINGAPORE SGD 345.47 SGD 336.35 2.71% -3.77%
TOKYO JPY 32,688.28 JPY 31,442.73 3.96% -12.72%
NEW DELHI INR 13,280.67 INR 12,878.65 3.12% 0.59%
MUMBAI INR 11,413.24 INR 11,780.26 -3.12% 0.59%
BANGALORE INR 9,526.58 INR 9,478.31 0.51% 0.59%
HYDERABAD INR 8,479.40 INR 8,714.66 -2.70% 0.59%
BEIJING CNY 1,344.40 CNY 1,277.31 5.25% 0.57%
SHANGHAI CNY 1,359.38 CNY 1,278.99 6.29% 0.57%
SYDNEY AUD 359.83 AUD 349.55 2.94% 0.38%
HRG Interim Hotel Report January – June 2016 12
© Hogg Robinson Group 2016CONTENTS
Dubai continues to add new hotel stock in preparation for Expo 2020 and so
any new demand is being swallowed up by these new rooms. This together with
the exchange rate movement has resulted in a large decline of 9.51% locally in
average room rate.
MEWA Focus
Abu Dhabi saw a small increase in average
room rates in GBP, however the exchange
rate movement saw this turn negative in
local currency.
Istanbul has seen a decline in average room
rates in GBP as demand continues to soften
with political unrest in Turkey and the war in
Syria. Even with the movement in exchange
rate the average room rate movement has
remained negative locally.
Cairo has seen overall demand flat line in
the first six months of 2016 with barely any
movement in GBP average room rates. This was
translated into a modest average room rate
growth locally due to the movement in the
exchange rate.
Doha has seen the effect of the dip in oil prices
driving down corporate demand. This coupled
with a large movement in exchange rate means
the city shows a large 13.07% fall in average
room rates in local currency.
Manama sees new supply constricting growth
in average room rate with a small decline in
GBP translated to a larger decline locally due to
the movement in the exchange rate.
City ARR Local 16 ARR Local 15 Local Var Exc Rate Var
DUBAI AED 861.99 AED 952.56 -9.51% -8.85%
ABU DHABI AED 636.08 AED 680.02 -6.46% -8.85%
MANAMA BHD 88.49 BHD 96.27 -8.09% -6.12%
ISTANBUL TRL 466.24 TRL 478.73 -2.61% 7.20%
CAIRO EGP 1,528.09 EGP 1,442.62 5.92% 5.29%
DOHA QAR 860.53 QAR 989.86 -13.07% -6.04%
HRG Interim Hotel Report January – June 2016 13
© Hogg Robinson Group 2016CONTENTS
London growth for the first six months is lower than the 3.09% seen during 2015.
A weaker start to the year in corporate demand and uncertainty around the EU
referendum has seen overall demand increase but not to the extent many hotel
groups were predicting.
UK Focus
Aberdeen continues to feel the effect of the
downturn in the oil industry resulting in less
demand. Together with several new openings
in 2015 means hotels are fighting to retain
a shrinking pool of business. As a result the
average room rate saw an even sharper decline
in the last six months than in 2015 as a whole.
Belfast saw a modest decline in average room
rate as new bed stock came in to play.
The majority of the rest of the UK was quite
flat in terms of average room rates with a few
exceptions:
• Edinburgh – Strong corporate demand
and a buoyant leisure base combined to
see a strong first six months for the city
seeing a 5.02% rise in average room rate.
• Liverpool – With six new hotels opening
in 2015 alone, bed stock in the city has
started to outpace demand, resulting in a
small fall in average room rates in the first
six months of -2.05%.
City ARR GBP 15 ARR GBP 15 GBP Variance
LONDON GBP 172.12 GBP 169.12 1.77%
HEATHROW GBP 98.63 GBP 99.45 -0.82%
MANCHESTER GBP 98.27 GBP 99.00 -0.74%
ABERDEEN GBP 97.31 GBP 123.39 -21.14%
EDINBURGH GBP 94.53 GBP 90.01 5.02%
BELFAST GBP 90.65 GBP 92.65 -2.16%
GLASGOW GBP 90.51 GBP 91.47 -1.05%
NEWCASTLE GBP 89.41 GBP 89.44 -0.03%
LIVERPOOL GBP 85.57 GBP 87.36 -2.05%
CARDIFF GBP 79.75 GBP 78.50 1.59%
London by Region
2016 Jan-Jun Average Rates
by Location
Hammersmith & Kensington
£167+1.5%
West End & Central
£179-0.5%
City
£189+3.5%
Docklands
£178+6.9%
HRG Interim Hotel Survey June 2016 14
www.hrgworldwide.com
Now in its 23rd year, the HRG Interim Hotel Report looks at hotel
room rates for key business destinations across the world.
For more information please contact:
Margaret Bowler
T +44 (0) 1252 881 000