Hogg Robinson Group reported that second quarter hotel rates measured in local currencies fell 16 percent globally

, following a 10.5 percent drop in the first quarter. Markets experiencing the largest reductions during the first half of 2009 included Dubai and New York City (each down 24 percent year over year), Mumbai (down 23 percent), Hong Kong (down 18 percent) and Shanghai (down 17 percent). The travel management company's findings are based on a combination of industry intelligence, actual room nights booked and rates paid by its U.K. clients. "The latest figures suggest that the industry has some way to go before rates stabilize," according to HRG global director of hotel relations Margaret Bowler. Hotels "are adjusting pricing structures to meet market expectations and to make rates appear more attractive. In turn, corporates are reviewing and consolidating their programs to secure lower rates because there is more availability."