A study by PKF Hospitality Research found that the effect of currency exchange rates on hotel demand is dependent on the market environment in which a property operates. The study found that exchange rate fluctuations greatly affect hotels in gateway cities, but within those markets, upper-priced properties showed better performance compared with lower-priced hotels. "We observed a strong correlation between exchange rates and the demand for upper-priced hotels in the gateway cities, but not so for lower-priced properties," said Jamie Lane, an economist at PKF-HR.

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