London hotels saw revenue per available room (revpar) plunge by 27.7% in the week ending 10 January 2009, according to figures from hospitality research company STR Global.
Revpar dropped to £52.56, down from £72.65 during the equivalent week of 2008.
Occupancy plummeted by 13.6 percentage points to 53.1% while average daily rate fell by 9.1% to £99.03, compared with ££108.97 in the corresponding week of 2008.
In the same week, regional hotels suffered a 24.6% decline in revpar (to £27.90) thanks a 9.9 percentage point fall in occupancy and a 7.5% drop in daily rate.
Cardiff hotels fared even worse as its hotel revpar declined by 38.9% to £22.30 during the week to 10 January.
Revpar for the 28 days to 10 January fell by 0.7% in London and by 8.7% in the regions.
By Angela Frewin