Hoteliers have cut prices dramatically in the third quarter of 2009 compared with the same period in 2008. Beijing rates are reported to be down 38.8% year-on-year, with Dubai down 28.5% and Bangkok down 24.4%.
One of the biggest quarterly drops was in Sydney, where average rates fell by 20.3% between the second and third quarters of the year.
Venue-finding agencies have also seen significant price drops in Europe, with Moscow down 17% year-on-year, Helsinki down 16.4% and Madrid down 13.4%.
London room rates have held up better than any other European city, according to the report. Figures for the third quarter of 2009 show that London still has the UK's most expensive hotels, with average room rates slipping only 1% from the second quarter and 2.75% from the third quarter of 2008 to £93.42.
Meanwhile, New York, with an average rise of 7.2% has ousted Moscow as the city with the world's most expensive rooms.