Hotels showed strong growth in 2007 according to the new HRG full year hotel survey.
As in other surveys, Moscow emerged as the world's most expensive city for accommodation.
The Russian capital topped HRG's list for the third year running, showing a “staggering” 39% rise in average rates since 2004.
But there were signs that the phenomenal growth of recent years is slowing down.
HRG reported that some key cities enjoyed single digit growth in 2007 compared to double digit growth in previous years.
Other main findings in the survey included:
* There were mixed results in the US markets, partly due to a weak dollar and to growing economic concerns
* New York is the second most expensive city in the world after Moscow.
* The UK market performed consistently with most cities showing a steady growth.
* India continued its exceptional growth with Mumbai, its financial capital, achieving a 37% average room rate rise.
* More companies were using serviced apartments for longer stays.
Margaret Bowler, director global hotel relations at HRG, said: “The hotel industry has shown a strong performance throughout 2007 - although not to the levels of 2006 with many key cities achieving single as opposed to double digit growth.”
Of the 50 cities surveyed, Ms Bowler said that only five showed a drop in rates in 2007.
This was due either to a maturing local market or to a significant increase in room capacity and availability.
The five cities affected were Bangalore and Philadelphia where rates fell by 5%, Tokyo and Bristol where the drop was 2% and Liverpool where it was 1%.
* The survey is based on industry intelligence, actual room nights booked and paid for by HRG's UK clients during 2007.
* BTE will take an in-depth look at the survey in BTE Analysis in this week's newsletter on February 21.
* see new jobs up on the BTE recruitment site www.businesstraveljobs.com