Zurich in 2013 had the most expensive hotel rates in Europe with an average room rate of €144.93 (US$196.93),

based on bookings through Germany-based hotel reservations portal HRS in 2013. The Swiss business hub remained atop the list of 21 measured cities despite a 2.7 percent year-over-year decline in its average rate. London had Europe's second-highest average hotel rate (€142.09, up 3.6 percent), according to HRS, followed by Moscow (€141.45, down 2.7 percent) and Stockholm (€137.78, up 5.3 percent). The highest rate increase was in Oslo, up 5.5 percent to €132.57. The biggest rate drop was in Warsaw (down 9.1 percent to €74.42). The lowest rate was Prague (€70.28, up 4.33 percent).