Hotel rooms are expected to stay empty for two thirds of nights this year as their occupancy rate halves.
The average price is expected to slip from €111 a night to €94 - the first time it's gone below €100 in five years.
The survey by accountancy firm Crowe has found Dublin hoteliers relying on the conference and events market will be hardest hit.
Partner Aiden Murphy says there will be fierce competition for the Irish "stay-cation" market.
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"We are looking at prices falling for hotel rooms, better value out there"
"Dublin hotels are set to be 28% cheaper than in 2019, with regional hotels set to be 13% cheaper"
