London hotel rates rose by 5 per cent in the first half of 2012 but the Olympic host is only ranked as the 21st most expensive destination in a list of the top 50 global cities.
Average room rates in London rose to £164 between January and June, compared to £156.82 for the same period in 2011, according to data released by travel management firm HRG.
Russia’s capital Moscow is the most expensive city for the eighth consecutive year even though rates fell slightly when valued in pounds to £258.11 per room (rates rose by 3 per cent in local currency year-on-year).
Lagos in Nigeria was the second most expensive city with an average rate of £217.05 due to its position as a key gateway to the nation’s oil industry. Mexico City recorded the biggest year-on-year rise of 30 per cent in local currency although its average rate is still towards the bottom of the list at £105.65.
HRG found that Latin American cities saw the largest increases while key gateways in the eurozone fell or were flat year-on-year. Rates in Barcelona dropped by 26 per cent to £112.65 while Madrid was down 7 per cent to £119.72.
There were also price falls in India with Mumbai down by 7 per cent and Bangalore by 21 per cent in local currency reflecting the slowing of the Indian economy. But the key Chinese gateways of Beijing and Shanghai both saw 8 per cent rises to £131.06 and £132.94 respectively.
In the UK, Manchester and Newcastle upon Tyne rates were flat with averages of £93 and £91.77 respectively. There were slight increases in Edinburgh (+1 per cent to £89.74) and Aberdeen (+3 per cent to £110.21), while rates at Heathrow’s properties fell 1 per cent to £109.71.
Dublin saw hotel rates fall 6 per cent to €119 whereas Belfast prices rose 8 per cent to £87.87.
For more information visit hrgworldwide.com.
Report by Rob Gill
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