Room rates in Moscow remain the highest in the world for the fifth consecutive year, despite a 12 per cent year-on-year slide to £266 per night. They were also over a fifth higher than the second most expensive destination, Abu Dhabi (£223).

According to a survey by the corporate travel services specialist Hogg Robinson Group, average room rates fell in most cities globally, as hoteliers attempted to maintain occupancy rates during the downturn by dropping room rates.

In New York, the third most expensive city on the list, rates fell by 23 per cent (from £223 to £203).

However British travellers experienced prices rises to many destinations due to the weakness of sterling. Average room rates in Abu Dhabi were £32 more expensive, accommodation in Geneva in £6 higher, and prices in Washington were £9 higher.

Average room rates in London fell by five per cent to £151, placing the capital in 29th position on the list.

Elsewhere in Britain, room rates in Aberdeen were the next most expensive in the UK, at £118 (a fall of 11 per cent), while the biggest price slump was experienced in Belfast, where hotel rates fell from £108 to £86.

“We have just been through deepest recession since the 1930s and the recovery remains at a relatively early stage,” said Douglas McWilliams, chief executive of the Centre for Economics and Business Research.

“The latest HRG hotel survey vividly illustrates the effect of the downturn in demand on the hotel market. But it also shows signs of recovery across the globe, particularly in dynamic emerging economies.”