Moscow chain hotels saw a dramatic leap of 45.1% in their revenue per available room (revPAR) in May.
TRI Hospitality's HotStats survey of hotels in major European cities found the Russian capital's revPAR soared to 170.73.
This was despite Moscow hotels reporting an occupancy rate of 68.1% - the lowest in the survey.
TRI remarked the rise was "entirely down to hoteliers continuing to push up rate."
It said that room rate in Moscow rose by 37.4% to 250.62, far ahead of the second highest rate of 207.68 in Paris.
David Bailey, director of TRI, said the survey showed that Moscow hoteliers increased their profit per available room by "an impressive 30%."
He added: "“This was the consequence of growing non-rooms revenue by 14 per cent and reducing payroll costs too."
But with 18 new hotels due to open in the city in the next three years, predominantly in the up-market sector, Mr Bailey said rates could come under threat.
"Too many new hotels opening within a relatively short period of time could lead to over-supply. With occupancy already low, continuing to push rate will become more of a challenge in Moscow," he said.
The TRI survey found that London put in the strongest sales performance in May with a 6.4% rise in revPAR to 170.97, the highest in the survey.
Paris, with a revPAR of 169.17, was third after MOscow, with both Amsterdam and Vienna achieving "“robust sales."
In contrast, Budapest and Prague both performed less well. The Hungarian capital saw occupancy fall by 6.2% and rates by 4.3%, resulting in a fall in revPAR of 11.4% to 90.05.
In the Czech capital, revPAR dropped by 4.1% to 121.66 with falls in both occupancy and rate.
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