Irish Hotel Prices At 1999 Levels

But it could be good news for tourists, because room prices are now at levels not seen in over a decade.

The average room rate last year was €77.81, and it's thought to have dropped another 10% at least so far this year. Rates in 1999 stood at €77.50, according to accountancy firm Horwath Bastow Charleton which carried out the cross-border survey.

It warned that the market has around 10,000 beds too many to fill, after around 25,000 new hotel rooms were built over the last 10 years.

The accountants say the profits at many hotels are too small to pay off bank loans. 30 hotels are currently in the hands of liquidators or receivers, but that's only the tip of the iceberg.

The report says restructuring will be needed in one third of Ireland's 900 hotels.