The economic crisis hit the sector hard in 2008 and 2009 as nearly six hundred new projects had been cancelled globally, which costed nearly 95 thousand new rooms.

Deloitte said average revenue per room at Istanbul hotels fell by 3.5 percent down to 197 Turkish liras (around 131 USD) as the figure was up by 23.5 percent in 2008.

Istanbul was followed by London and Edinburgh with a 3.9 percent loss each as cities like Athens, Dusseldorf, Madrid and Moscow saw losses as high as 25 percent.

Occupancy rates at Istanbul hotels were 64 percent in 2009 that marked a 8.3 percent drop a year earlier.