Luxury Vacation Rentals Should Benefit from Hotel Scarcity in Mexico, Caribbean
January 11, 2007. Mexico and the Caribbean are still hot, hot, hot… despite earlier predictions by some industry watchers. According to the Wall Street Journal (subscription only), insiders expected demand would cool down this winter because of two factors:
1) The amount of damage wrought by the 2005 hurricane season, and
2) New rules requiring Americans visiting Canada, the Caribbean and Mexico to have passports upon reentry.
Apparently, vacationers are concerned with neither. Nearly $2 billion in investment last year wiped away signs of Hurricane Wilma. Europeans have also discovered Mexico and the Caribbean – and found their Euros go a long way in places that quote rates in U.S. dollars (the Euro has been pounding the dollar for a few years now). As a result, occupancy rates are up and hotels are raising rates.
The Wall Street Journal offered some interesting statistics:
"Bookings to both Mexico and the Caribbean are up over 40% year over year at Orbitz and Cheap Tickets, two online booking services owned by Travelport. The average daily rate at hotels in Mexico climbed 7.9% to $107.82 in November, the most recent month for which data are available, compared to Nov. of 2005, according to Smith Travel Research. In the Caribbean, the increase was 3.3% to $150.16."
The trend will no doubt affect luxury vacation rentals, as well. Travelers can find great deals and great amenities with vacation rentals, from Baja to Bahamas and all the way over to Belize.
