Hotel prices dropped by 14% on average around the world in 2009, according to figures released by Hotels.com. The figures also show that room rates are now about 4% less than they were in 2004, with every continent posting a fall in prices last year. Latin America was hit hard with a 21% decline in rates, while Asia declined by 16%, North America by 14% and Europe by 13%.

Within Europe, the largest fall in room rates were in Poland with a 25% drop, while Ireland was hit with a 21% decline. Other hard hit countries include the Czech Republic, Norway and Hungary with a 20% fall, while Switzerland declined 11%, which is still the most expensive country to stay in when visiting Europe.

The biggest fall was in Moscow, which was the most expensive city in the world, with a huge 41% drop, while Bombay and Beijing fell by 32%, New Delhi by 31% and Dubai by 25%. More of the world’s most expensive cities took losses as well, including New York by 22%, Geneva by 12%, Abu Dhabi by 13% and Monte Carlo by 9%, making it the most expensive city in the world to stay in now at a €177 average room rate.

However, these cheaper room rates weren’t benefiting everyone. British travelers didn’t get to take advantage of the lower hotel prices due to the poor exchange rate. For example, Americans were able to save about 30% on the price of rooms, while Brits only got an 8% discount. Furthermore, average prices paid by Brits traveling in Europe actually increased in come cities, like Istanbul by 16%, which was the highest increase.

Hotels.com president David Roche says that he expects hotel prices to stop declining this year while the worldwide economy begins to recover and more people start traveling again. However, while many hoteliers will continue offering promotions and great value, a few hoteliers will likely increase prices, he added.