Hotel prices in Latin America have shown higher increases than any other region over the first six months of 2012, according to a survey published on August 13.
According to travel management company Hogg Robinson Group's semi-annual survey, a lack of new openings combined with an increasing demand pushed hotel rates in Mexico City up by 30 percent in local currency over the last six months, the highest increase in room rates on cities surveyed. According to the survey, the average room in Mexico City costs around £105.65 ($165.80).
Brazil's biggest cities, Rio de Janeiro and Sao Paulo, have reported an increase of 16 percent and 23 percent respectively over the last six months.
With an average room rate of £204.5 ($321), Rio arrives in fifth place on HRG's list of the top 50 most expensive cities for hotels, following Moscow, Lagos, Geneva and Zurich, and ahead of Tokyo, Paris and New York.
Rates in Rio have been pushed up by a number of major events taking place in the city, particularly the Rio+20 United Nations Earth Summit.
Sao Paulo comes in 15th place with an average room rate of £170.95 ($268.30). The sudden increase in hotel prices is attributed to inbound business travel and the continued growth in the region's financial sector, according to the report.
The increase of hotel prices in Brazil is expected to continue as the country gets ready to host two of the world's most important sporting events. "We expect rates to increase, particularly in Brazil, which is preparing to host a World Cup in 2014 and the Summer Olympic Games in 2016," commented Margaret Bowler, the Director of Global Hotel Relations for HRG.