By Holger Elfes
March 2 (Bloomberg) -- Expedia Inc., the biggest Internet travel agency, said declines of hotel room rates started to slow in the fourth quarter as cheaper currencies attracted more travelers in some regions.
Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
The weakness of the pound attracted a record number of travelers from the Middle East to London and encouraged Britons to spend their vacations in their home country, Expedia said. The 3.9 percent visitor decline in New York was lower than expected as the U.S. currency was cheaper than in the previous year.
“Most of the price declines are behind us,” David Roche, president of Hotels.com, said in a telephone interview from London. Prices probably won’t recover significantly this year in most regions and will continue to fall in Asia, the Middle East and Latin America, he added.