London has reclaimed its crown from Paris as the European city with the highest value per hotel room, according to the latest survey by HVS International.
In 2004, London hotels were valued at an average €481,000 (£328,000) per room, up from €430,000 (£293,000) in 2003.
Paris, which has topped the table for the past couple years, came second at €455,000 (£310,000) per room and Milan was third with €412,000 (£281,000).
The survey, which covers hotels in 28 gateway and major cities, found values had risen across Europe by more than 3% to average €222,000 (£151,000) after three consecutive years of decline.
Hotels in Zurich, Geneva, Rome, Edinburgh, Amsterdam, Prague and Munich enjoyed room values above the European average. Warsaw, at the bottom of the table, had average room values of just €97,000 (£66,000).
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