Survey shows Moscow and Lagos are top of the charts

MOSCOW and Lagos lead the rankings for the world’s most expensive hotel rooms, according to a survey by the Hogg Robinson Group (HRG), a travel management company. The average cost of a hotel room in Moscow rose 3% over the past year to R3376 a night, making the city about 20% more expensive than any other destination covered.

This was the eighth year in a row that Moscow has led the parade.

The average cost of a hotel room in Lagos actually fell by 5% during the year when measured in local currency but with room rates averaging just under R2840 per night, the city still boasts the world’s second-most expensive hotel rooms.

Geneva and Zurich took third and fourth places at R2824 and R2760 respectively, while Rio de Janeiro blazed along in fifth place at roughly R2676 a night. Johannesburg — where the average cost of a hotel room was pegged at R1870 — stood at number 30.

The survey showed strong increases in room rates in Latin America, particularly in Rio, São Paulo and Mexico City, while rates in Europe remained largely flat due to the ongoing financial crisis in the Eurozone. Spain took a real beating, with rates in Barcelona dropping by about 22% over the year, while Madrid room prices were down 2%.

The second-biggest decline in rates was seen in Bangalore, which posted a 21% drop in average prices as a result of contraction in India’s economy.

The survey results show that, on the whole, the international hotel market appears to be stabilising after the financial turmoil of recent years.