The rising cost of a night in Istanbul

THE cost of a hotel room in Istanbul has risen by 37% in the past year, according to the latest worldwide survey ( PDF) by Hogg Robinson Group (HRG). The weakening of the Turkish lira has had some effect on these prices, but if measured in pounds sterling the rise is still a notable 25%. HRG suggests two reasons for the change: Istanbul’s growing appeal as a business centre, and the fact that safety concerns send many travellers in the city to five-star properties. (The survey’s figures derive from the sums that HRG’s clients pay for a room.)

Istanbul is the stand-out case, but prices have risen in 33 of the 50 cities surveyed. In Asia-Pacific, they rose by an average of 7%. Rates dropped the furthest in Cape Town and Abu Dhabi, thanks to problems of oversupply—in Cape Town a large number of hotels were built for the 2010 World Cup. Moscow is still the most expensive city in which to spend the night, with an average room rate of £260.68 ($425).

Most expensive cities: 1) Moscow £260.68 2) Geneva £227.64 3) Zurich £220.40 4) Paris £208.21 5) Stockholm £201.77 6) Washington, DC £198.75 7) Sydney £197.29 8) Istanbul £196.05 9) New York £193.96 10) Oslo £193.70

via Hotel prices: The rising cost of a night in Istanbul | The Economist.