Moscow for the fifth consecutive year had the world's highest average daily hotel rate among major business markets, according to HRG.

Based on "a combination of industry intelligence, actual room nights booked and rates paid by its U.K. clients," HRG found that Moscow's leading rate of 13,239 roubles (US$442), despite retreating 5 percent from 2008 as a result of declining demand from the banking and finance sectors, reflected "its maturity as a business destination." It was followed by Abu Dhabi at AED 1,285 (US$350), which jumped from fifth in 2008 despite a 1 percent average rate decline, and New York, which slid to third after experiencing a 23 percent drop in average daily rate. HRG also tracked large annual local-currency declines in Chicago (down 23 percent), Dubai and Dublin (each down 21 percent) and Belfast (down 20 percent). Meanwhile, Manama in Bahrain shot up to the fifth spot overall from 20th a year earlier as demand growth outpaced new supply.