The average revenue per room per night at three-, four- and five-star hotels in Athens dropped by 19.1 percent in February compared with the same month last year, coming to just 36.50 euros, according to a survey conducted for the Athens-Attica Hotel Association.

In comparison, Istanbul hotels enjoyed an average revenue of 71 euros per room, almost twice that of their Athenian counterparts.

The occupancy rate in the Greek capital dropped by 16 percent, amounting to just 41.3 percent.

Athens hotels had the lowest room prices among 10 European cities that the survey covered, with the average rate coming to 88.30 euros per night after a 3.7 percent decline from February 2011.