Latin American cities have seen the biggest rises in hotel prices over the last year, according to figures from HRG.
Cities such as Rio de Janeiro and Sao Paulo recorded rate rises of 19 and 16 per cent respectively in local currency, although UK corporate buyers were largely protected from these hikes due to exchange rates.
Moscow continues to be the most expensive city for hotels with an average room rate of £261.38 in 2012, although this was only up by 1 per cent on the previous year. The Russian capital has had the highest accommodation prices for nine consecutive years.
The next most expensive cities for hotels were Lagos, New York, Hong Kong and Zurich. London only ranked in 17th place in the list of the top 55 cities around the world with an average rate of £164.30 up by 5 per cent on 2011.
HRG’s group commercial director Stewart Harvey said: “HRG’s Hotel Survey shows that regional trends are becoming less relevant as individual cities become bigger players in an ever-shrinking world.
“Though the overall pattern seems to be one of rising average room rates, it’s interesting to see just how varied the picture is within regions, and even within different countries.”
Outside of London, there were also rate increases in Aberdeen, Liverpool and Belfast. But prices in Manchester and Edinburgh went down slightly.
Most US cities saw higher hotels rates with San Francisco and Atlanta recording rises of 11 and 9 per cent respectively on the back of strong convention business. But the capital Washington DC saw rates fall by 13 per cent.
The picture was “patchy” across Europe – rates were flat in major destinations such as Paris and Amsterdam as measured in local currency, while German cities such as Frankfurt, Munich and Dusseldorf saw small rises.
The report also found that most major Indian cities had seen a decline in hotel rates due to the economic slowdown in the country.
Harvey added: “For several years now, we’ve seen corporates becoming increasingly cost aware and have implemented greater control over travel options. This focus on prudency is expected to continue.”