The rush is on to build more hotel rooms in Downtown, but in the meantime, the ones that are already open for business are commanding higher prices. New numbers out from Hotels.com, which looked at what people are paying for a hotel, show that in the first six months of 2014, the average LA hotel room was six percent more expensive than it was in the first six months of 2013—up to $162 a night from $153. (The price of hotel rooms across the country went up about five percent, putting the average American hotel room at around $137 a night.)
As could be expected, prices at LA's luxury hotels also saw a spike: five-star hotel rooms in LA were the sixth most costly of all the cities surveyed—domestic or foreign—with the cost of an average luxury room jumping up four percent ($19) from 2013 rates to about $507 a night. That's the same average nightly cost as a five-star hotel room in Paris. Maybe that's just a perk of high demand; overall, LA was the fourth most popular city for both US and foreign travelers to visit in the first half of the year.
· U.S. Hotel Rates Have Increased By 5 Percent In 2014 [Hotels.com]
· Hotels.com Price Index [Hotels.com]
· LA Begging For 4,000 New Hotel Rooms Around LA Live [Curbed LA]