For those working in world cities for shorter periods, hotels and serviced apartments are an important part of a city’s residential offering. Short stay and medium business trips are particularly important to the luxury hotel market, in some cases competing with the prime residential rental sector.
Paris has the most expensive luxury hotel rates ($836 per day) (click on fig. 12 to enlarge). As the world’s number one tourist destination, hotel rooms here are at a premium and priced accordingly.