Hotel room rates in Asian cities including Hong Kong and Singapore grew by 3.1% in the first half of 2010 and are expected to increase by 5% by the end of the year, according to a report by corporate travel firm Hogg Robinson.

The rise was attributed to good economic conditions because room rates have become more expensive, according to the report.

The cost per stay in a Hong Kong hotel is $304.66, which makes it the most expensive Asian city and the third most expensive city in the world.

Other Asian cities with increasing room rates are Tokyo in 12th position and Singapore, which moved up 19 places to 25th, according to

Chinese capital Beijing, however, has seen a decline in hotel room rates while Singapore hotels are expected to see a rise in rates during the September Formula 1 race.