Moscow hotel prices grew by an average of 11 percent last year according to a recent survey, meaning that Moscow defends its title as the world's most expensive place for businesspeople and tourists to find a place to stay.

Hogg Robinson Group, an international corporate-services company, last week released its survey comparing prices paid by British clients for hotel rooms in 50 cities.

Moscow topped the list at ?247 ($485), representing a 93 percent rise since 2004, the company said in a statement. The cost and availability of land in the city center would result in continued room-rate inflation in 2008, the statement said.

New York was second, at ?192, followed by Paris with ?171.

The rapid growth over the last few years seems to be slowing, however, as the market reaches saturation, and Moscow matures as a business destination, the statement said. The budget and midmarket sectors could develop on the outskirts of the city, providing more affordable opportunities for travel.

Although Moscow is the unquestioned leader, the growth is an emerging-markets trend, the statement said, citing Tokyo and Bangalore, India, as having also enjoyed rapid growth rates in recent years.