Bloomberg ranked global cities based on the average daily cost of hotels, regardless of star ratings, for two adults in a double-occupancy room.
To qualify for the ranking, cities had to be among the U.N.'s 30 largest Urban Agglomerations, the headquarters of at least 10 public companies, each with at least $1 billion in market capitalization, in finance, health care and IT; or have a Bloomberg international bureau (a proxy for financial services hub). They all have at least 50 hotels 3-star and above. To account for holiday, promotion and convention-related pricing, the average daily price was based on two blocks of time, six months apart: August 1 to August 10, 2014, and February 1 through February 10, 2015. The 5-star price is shown if there were at least 10 hotels available for booking in that category; 50 hotels was the minimum to show 3-star prices. Expedia, which was used to identify hotels, describes 5-star hotels as typically having such amenities as gourmet dining, luxury spas, full-service health clubs with personal trainers, signature golf courses, and tennis centers with choice of playing surfaces, luxurious spas, oversized bathrooms, cultural activities and children's day camps. Staff members are generally polished, anticipate guest needs and consistently address guests by name. Guest-room decor is often elegant and may include bedside controls for drapes, lighting, and surround-sound. Three-star properties, according to Expedia, usually offer an on-site restaurant and bar and baggage assistance. Guest rooms typically feature comfortable seating and high-quality bedding. Bathrooms often have shower/tub combinations and expanded counter space. Data were collected from May 1, 2014, to May 9, 2014. Costs in local currency were converted by the IMF purchasing power parity rates for 2014 and the midpoint of 3-month and 9-month forward rates which were recorded as of Friday, May 9, 2014. Average hotel prices were rounded.
Bloomberg, Expedia.com, International Monetary Fund, United Nations
May 30, 2014