The average prices for hotel rooms in Europe fell 8.7% year-on-year in the last quarter of last year, according to the hotel price index (HPI) of the Internet portal Hotels.com. The cheapest hotels were in Budapest where the average overnight stay cost 84 euro ($102.3), down by 13%, reports www.ehotelier.com quoting Austria Presse Agentur.

Berlin , with 85 euro ($103.5), came just behind Budapest . Stockholm , where overnight stays fell by 24% to 116 euro ($141.3), registered the largest drop in prices. Hotel room prices in Geneva rose by 14% because of enhanced offers by low-cost air carriers. Prices in Frankfurt went up by 7% to 120 euro ($146.2), but fell in Munich and Hamburg to 101 euro ($123) and 89 euro ($108.4), respectively.