As a result of the crisis, the drop in the cost of hotel rooms in European hotels was on average 14 percent, but in Russia prices in euro terms fell by 30 percent for Moscow and by 43 percent for St. Petersburg, HVS wrote in its report. In rubles, the drops were more modest – 15 percent and 31 percent respectively.
In total, Moscow hotels dropped four places in the rating of room prices, surpassed by the hotels in Zurich, Rome, Istanbul and Milan. The three most expensive cities have not changed from 2009: Paris, London and Geneva.
The average cost of a room in Moscow hotels comes to about 310 euros ($420) — in 2008 this figure was around 440 euros. The fall in prices is likely to continue this year.
“At the beginning of 2008, the average price for a room in a hotel [four- or five-star] was 10,000-11,000 rubles per night, while in 2009 it was about 7,000 rubles. Yet this is still about 20 percent higher than the average price of hotels in European capitals,” said Stanislav Ivashkevich, deputy director of the hospitality department at CB Richard Ellis.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.