12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
21 November, London Hilton Metropole
HOTEL RATES in the world's 10 most expensive cities fell by up to 23 per cent last year, figures compiled by HRG show.
The business travel giant's annual Hotel Survey identifies New York as the biggest loser last year, with average rates plummeting from US$414 a night to US$319.
The decrease was offset by sterling's weakness, which meant average prices in pounds fell only £20 a night to £203 (US$414 is worth £263 at today's rates, but £223 in 2008).
New York dropped from the second to third, behind Abu Dhabi and Moscow. The Russian capital maintained its title as most expensive for the fifth consecutive year despite a five per cent reduction in local prices.
Abu Dhabi, which was fifth-most expensive in 2008, is suffering a lack of supply, but HRG's Margaret Bowler said this could be short-lived. Dubai's predicament saw it fall from 10th to 16th place in HRG's survey.
Other big losers last year were Paris, Milan, Geneva and Washington, all of which saw double-digit rate decreases.
TOP TEN MOST EXPENSIVE CITIES