Revolution swept the Russian czars out of power in 1917, but, judging by the room rates, Russian hotels have never quite let go of the country's aristocratic past.
Hotels in Moscow are by far the world's most expensive and have been so for nearly a decade, according to a biannual study by Hogg Robinson Group (HRG).
Out of 50 major travel destinations surveyed, the Russian capital has had the highest average room rate for eight years straight.
Visitors typically pay about US$407 a night at a Moscow hotel.
In our list of the world's 15 most expensive hotel suites, we found that the Ritz-Carlton Suite costs US$18,000 per night.
Travel marketer Viacheslav Shirokov says that hotel demand is simply much higher than supply in Moscow and there is a lack of mid-range hotel options.
Lagos is second on the list of most expensive hotels with an average room rate of US$341.
Security is a concern in these destinations, especially in Lagos where travelers are willing to pay a higher room rate for a five-star hotel.
These top cities are also business hotspots catering to corporate travel. The survey is indicative of where companies are channeling their travel budgets.
"Businesses are not necessarily spending less on travel, but they are certainly looking for ways to make existing budgets work harder," says Stewart Harvey, group commercial director at HRG.
European cities show a decrease in room rates amid an uncertain economic climate, particularly in Barcelona where prices dropped by nearly a quarter.
A total of 23 cities show a year-on-year increase in rates, compared to 33 cities in 2011.
The HRG survey is in its 20th year. The data is based on industry intelligence, actual room nights booked and rates paid during January to June 2012.
Top 10 most expensive cities to stay in and their average hotel room rate:
1. Moscow, Russia: US$407
2. Lagos, Nigeria: US$341
3. Geneva, Switzerland: US$340
4. Zurich, Switzerland: US$332
5. Rio de Janeiro, Brazil: US$323
6. New York City, New York: US$320
7. Sydney, Australia: US$312
8. Hong Kong, China: US$306
9. Paris, France: US$304
10. Washington, D.C, United States: US$302