Hotel rates up 60 percent for King’s coronation in London, says Trivago
Accommodation search website Trivago has revealed that London hotels have increased their prices by almost two-thirds for the king’s coronation.
rivago chief executive Axel Hefer told the PA news agency that hotel prices in the capital were up 60 per cent annually for Coronation Day on May 6, with early bird rates hitting £254/€286 a night.
This compares to £154/€173 per night for the same day last year.
But with hotels raising rates to take advantage of the expected rush of visitors around Charles’ coronation, Trivago says booking trends suggest many visitors may avoid London on the day of the ceremony.
Booking data shows that the search share for the capital on Coronation Day is lower than the weekend before and after the ceremony, while searches for London are also down 8 per cent compared to the same day last year.
Trivago said that “given the very high prices, people would prefer to avoid traveling to the British capital on Coronation Day”.
Mr Hefer said that although Coronation Day is an outlier in terms of prices this year, the group sees hotel prices in general continuing to rise.
He said hotel prices are set to rise by low to high single digits this year, on top of the increased prices in 2022.
Travelers are combating the higher prices by switching to cheaper destinations like Istanbul, Morocco and Portugal, as well as domestic stays and starting to book shorter stays.
But they’re also showing signs of a slowdown in trade, as Trivago sees the trend of vacationers opting for lower hotel star ratings and cheaper accommodations to cut costs.
Mr Hefer said people are unlikely to give up holidays entirely in 2023, despite rising cost pressures after years of Covid travel restrictions.
People will still go on vacation and take a break, but they will try to make it cheaperAlex Hefer, Trivago
“People will still go on vacation and take a break, but they will try to make it cheaper,” he said.
He added: “It’s very likely that the travel market will grow this year, but the question is by how much.
“To what extent will people compensate for the current price increases by downtrading?”
His comments came after Germany-based Trivago, which is majority-owned by Expedia, reported annual results showing it posted a net loss of €127.2 million on a profit of €10.7 million for the year collapsed in 2021.
The loss for the Chelsea Football Club sponsor comes after he was hit in Australia by a fine, impairment charges in the first half of 2022 and the lack of a government Covid subsidy handed to him in 2021.
This was partially offset by the recovery in travel demand, with revenue rising 48 percent over the past year.
This has continued into 2023, with referral revenue up 34 percent in January, although that’s compared to winter 2022, which was hit by travel restrictions on Omicron variants across much of Europe.
https://www.independent.ie/life/travel/travel-news/hotel-prices-60pc-higher-for-kings-coronation-in-london-says-trivago-42333298.html Hotel rates up 60 percent for King’s coronation in London, says Trivago