The Australian Associated Press (AAP) reported on Friday hoteliers around the world are being forced to cut their room rates because of the global economic slowdown.

"The economic downturn is now affecting hotel prices on all continents. The good news is that there are many bargains to be had for travelers. This year will be the year of the deal," Global hotel specialist Hotels.com Worldwide President David Roche said.

Hotels in destinations traditionally considered pricey by travelers are now offering considerable savings, Roche was quoted by AAP as said.

Destinations with the most expensive hotels, despite some significant price falls, include Moscow, where people will pay an average of 296 U.S. dollars per room per night even after a 17 percent drop last year.

Hotels.com reported that hotel rates has fell by as much as 35 percent last year.

Hotel prices in North America has fallen the greatest on average, down 12 percent with Europe dropping 10 percent and the Caribbean and South America falling by 7 percent.

The Asia-Pacific region also has recorded its first year-on-year drop in hotel room prices since the index began, although by a comparatively small 2 percent decline.

(Xinhua News Agency March 27, 2009)