From CNBCAfrica. Story by Tendai Dube.

Addis Ababa has the most expensive hotel room rates in Africa, according to research comparing prices of select major African city hotels.

The average rate for a hotel room in Addis Ababa was $231.78 a night from January to June 2015, according to hospitality research firm STR Global.

By comparison, hotel rooms in Lagos cost on average $215.75, $144.76 in Nairobi, $122.30 in Cape Town, $105.73 in Casablanca, $103.54 in Cairo, $72.90 in Johannesburg and $70.70 in Sharm El Sheikh.

“A great deal of the reason for the difference in rates across major African cities is simply supply and demand,” said Thomas Emanuel, director of business development for STR Global.

Addis Ababa has very few luxury hotels and the Ethiopian economy is growing quickly — more than 10 percent every year for the last 10 years — hence the high prices, the report said.

Demand for premium hotels has been driven up by the national airline’s increased routes and the country’s standing as the home of the African Union headquarters.

The research was conducted ahead of the Africa Hotel Investment Forum scheduled for the end of September, where investors will gather to discuss trends in the African hotel industry.

“The wide disparity in room rates with exceptional prices being achieved in places where there is a shortage of supply make it clear that there are parts of Africa that offer very attractive prospects for hotel investors,” said Matthew Weihs, managing director at Bench Events.

Read more at CNBCAfrica.