London hotels saw revenue per available room (revpar) drop by 18% in the week ending 2 November, according to figures from hospitality research company STR Global.
Revpar fell to £104.28, down from £127.17 during the equivalent week of 2007.
Occupancy decreased by 11.14 percentage points to 77.22% while average room rate fell by 6.17% to £135.05 compared with £143.93 in the corresponding week of 2007.
STR Global is a new company formed from the merger of leading hospitality research firms Smith Travel Research (STR), Deloitte's HotelBenchmark and The Bench.
By Angela Frewin
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