In a poll of 50 cities worldwide, room rates in the Russian capital were priced the highest of any destination for the eighth year running - topping the chart at an average of £258.11 - travel management company Hogg Robinson Group (HRG) found.
And the cost of a place to lay your head in the city famed for its onion-domed churches and imperial treasures has increased by three per cent in local currency over the past twelve months.
Nigeria's populous city of Lagos was found to be the second most expensive location, with an average room rate of £217.05.
This was thanks to the 'high volume of inbound business travel connected with the oil industry', the research noted.
'Travellers to Lagos are also conscious of the city’s well-documented security issues and are more inclined to stay in five-star accommodation,' it said.
Although Geneva took third place, with rooms priced at an average of £215.92, the survey said that hotel prices across the Eurozone had 'either fallen or remained flat'.
Stewart Harvey, Group Commercial Director at HRG, said 'uncertainty' was 'driving room rates down across mainland Europe'.
Barcelona saw prices fall by 22 per cent (in Euros), while Madrid and Dublin also reported drops.
Mr Harvey noted that, according to the research, the Latin American region had seen the strongest growth in the first six months of the year.
There were room rate increases of 23 per cent in Sao Paulo and 15 per cent in Rio de Janeiro, where rooms were priced at an average £204.65 and £170.95 respectively.
In terms of price increases, Mexico City was found to have experienced the highest, with rates soaring 30 per cent in local currency as demand rocketed. The average cost of a room was £105.65.
The survey also found that prices of hotel rooms had increased in both Tokyo and Dubai as they recovered from last year's earthquake, tsunami and Arab Spring.
The twice yearly research looks at hotel room prices for key business destinations.