The average daily hotel rate paid through global distribution system channels in August increased 4.7 percent year over year, and reservations volume increased by 10.2 percent,

according to Pegasus Solutions. ADR for North American properties in GDS channels increased by 5.7 percent year over year while bookings were up 6.7 percent. "Travel patterns do not automatically mimic those of the financial markets," according to Pegasus. "Economic worries began to increase in July, and came to a peak in August with the United States’ credit rating downgrade by Standard & Poor's and renewed debt concerns for various European countries. Despite the stock market chaos that ensued throughout the month, August corporate travel bookings experienced an upswing."