Overall global economic recovery gathered momentum and consumers became more confident in raising their travel spending, according to online accommodation booking website Hotels.Com's Hotel Price Index (HPI).

Hotel tariff experienced five years of steady increase after they plummeted during the financial collapse of 2008-09.

"Although the Index rose again last year, it is still way behind its peak of seven years ago, which is great news for consumers. Each year is unique in the travel industry and 2014 was no exception, bringing its own opportunities and challenges," it said.

"Global events such as the Winter Olympic Games and World Cup, predictably attracted travellers to new destinations," Hotels.Com brand President Johan Svanstrom said.

Asia is the only region that saw a dip in hotel room rates in 2014, when compared to 2013, the report said.

This is the second consecutive year the index has reported a fall in prices in Asia, it added.

"For Asia, the Index decreased by two per cent. Over the years, the HPI has shown that Asia has long offered the best value destinations in the world and continues to do so," the report said.

Latin America registered a two per cent Index rise as World Cup hosts Brazil exceeded expectations when it came to its hospitality industry and the event was a unique opportunity for the country to showcase some of the top class accommodation and services it has to offer, it said.

The Pacific showed no growth in its Index in 2014, but continued weakness in the Australian dollar should mean that the region would attract more visitors in 2015, it added.

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