Price of hotel accommodation in cities around the world continues to fall. The price charged for a hotel room in the main regions of the world has fallen to its lowest level since the Hotel Price Index (HPI) was set up in 2004 by the hotels.com website. The HPI gives a regular overview of hotel prices in the world's great cities based on a sample of some 78,000 hotels in more than 13,000 destinations. The most recent HPI shows that the market has collapsed since 2001 and the low demand has coincided with a significant increase in the supply of hotel rooms. This mismatch between supply and demand is the reason for the 17% drop in prices around the world in the first half of 2009 compared with the first half o 2008. The biggest falls have been recorded in Latin America (-18%). Hotel prices have fallen by 17% in North America and 16% in Europe. Three trends have emerged: 1) travellers look at local prices and the relative strength of their own currency before deciding where and whether to travel. This has resulted in UK travellers abandoning the eurozone and going for destinations where the pound is still strong. US travellers have reacted to the low dollar by staying in the United States; 2) some destinations that have always been very expensive are becoming cheaper - London is no longer one of the world's ten most expensive destinations for travellers in Europe, and likewise, New York is no longer top of the list. Until the third quarter of 2008, Dubai was one of the most expensive places in the world for hotels but prices have slumped dramatically since then. The world's most expensive cities are now: i) Abu Dhabi (average price per night €190; down 7%); ii) Monte Carlo (€178; down 8%); iii) Geneva (€171; down 12%); iv) Moscow (€164; down 39%); v) New York (€164; down 23%). Rio de Janeiro, in 7th place, is one of the rare cities where prices have risen (to €135, up 17/%); 3) the number of business trips is in free fall, leading to big price cuts at hotels relying on business travellers. (I.L./transl.fl)