Hotel room prices have steadily increased over the last four years, with last year seeing an increase of 3 percent, according to the Hotel Price Index compiled by the hotel booking website Hotels.com.

According to the index, Latin America had the highest price increases. Hotel rates in Europe and the Middle East grew by 2 percent, signaling the European economic recovery. Meanwhile, hotel prices in Asia fell by 2 percent due to the depreciation of the yen, rupee and rupiah, coupled with a decrease in inbound visitors to China.

“Looking ahead, one phenomenon impacting global hotel prices in 2014 is the huge rise in the number of sports fans traveling this year, with the Sochi Olympics, Paralympics and FIFA World Cup,” said Johan Svanstrom, president of Hotels.com.

(wylee@heraldcorp.com)