If you're looking to travel to Moscow, Rio de Janeiro, or New York City, you're going to have a hard time finding a cheap hotel. These cities, among several others, are among those with the most expensive hotels in the world.
Travel management company Hogg Robinson Group (HRG) released their bi-annual list of the most expensive hotels by average room rate. For the 8th year in a row, Moscow has the highest room rates. The hotels in the Russian city were almost 20 percent more expensive than any others and prices have risen three percent in the last year. The average room rate for hotels in Moscow was £258.11 ($405.28).
Lagos came in second as the most expensive hotel destination as travel has to the Nigerian city has increased significantly due to the oil industry there. Travelers also opt for five-star accommodations in Lagos due to security issues. The average room rate there is £217.05 ($340.81).
Latin American regions saw a big increase in average hotel rates. Mexico City has the highest increase at 30 percent. This increase is due to growth in demand with a lack of new openings. Rio De Janeiro and Sao Paulo also had steep rate increases of 15% and 23% respectively. They fall within the top 10 most expensive hotel cities.
"The results of the hotel survey present an intriguing picture of where businesses are channelling travel spend," Stewart Harvey, Group Commercial Director for HRG, said in a press release. "The significant growth in room rates across the Latin American region indicates a shift in business priorities towards high potential destinations."
While hotel rates in Latin America increased significantly, those in Europe stayed the same or even saw a drop due to the financial crisis. For instance, Barcelona saw a big drop of 22 percent. Madrid's average hotel rates dropped by 2 percent and Dublin saw a 6 percent drop.
Here is the list of the Top 10 Cities with the Most Expensive Hotel Rooms:
Moscow, Russia : £258.11 ($405.28).
2. Lagos, Nigeria: £217.05 ($340.81)
3. Geneva, Switzerland: £215.92 ($339.04)
4. Zurich, Switzerland: £211.09 ($331.45)
5. Rio de Janeiro, Brazil: £204.65 ($321.34)
6. New York City, New York: £203.54 ($319.60)
7. Sydney, Australia: £198.28 ($311.34)
8. Hong Kong, China: £194.51 ($305.42)
9. Paris, France: £193.91 ($304.45)
10. Washington, D.C, USA: £191.87 ($301.27)