Research: Update Statistics from book “Breakout Nations”. I have re-collected data for “Four Seasons Index”, as mentioned in the book. Earlier data was of 2011.

Context: In the book Breakout Nations: In Pursuit of the Next Economic Miracles. Autor makes a observation t -If a developing country has very high hotel prices,then the likelihood of that country to have reasonable growth decreases.

Layman Analogy:
Just imagine if the cost of hotel stay is the same for California (developed country ) and Mumbai,India (Developing Country).

This would indicate(one or many) the following:-
(1) High cost of doing business. Hence bad for growth.
(2) High real estate cost hence higher room rents. (Real Estate Bubble)
(3)Bad electricity/security Infrastructure. [Lots of developing countries don't have reliable electricity, hence business need to use diesel generators which cost  a lot of money]
(4) Developing countries with high crime makes the cost of doing business expensive.

The book has stats of 2011,I have gathered data for July 2024.
1)In order for an apples to apples comparison, only the biggest cities in each country are chosen.
2)Only Four Seasons hotel prices are listed. (If Four Seasons is not there, a comparable 5 star hotel is chosen)(3) Cheapest room,with taxes.

Below is 2011 data from the book.

Below is 2024 data that I have collected.

Being lower in the list increases the probability of a country to have high economic growth.

Conclusion:
Nigeria(Lagos)  has improved  a lot.
South Africa has worsened.
Thailand has gotten a lot more expensive.

Footnotes:

• If a city has no Four Seasons,the first alternative is Ritz Carlton followed by comparable hotels.
• Hotels where two Four Seasons are located, the average price was used.
• Developed markets average based on Four Seasons in the following cities: Chicago, Geneva, Hong Kong, London, Milan, New York, Paris, San Francisco, Singapore, Sydney and Tokyo.

Calculation for Developed Market Average:

I'm just surprised by how cheap Sydney, San Francisco is compared to European Capitals.

I'm available in the comments for q&a.