UK-based budget hotel operator Premier Inn has announced that it has cut room rates at its two properties in Dubai by 40% in the wake of the global economic downturn. Daily rates at the hotels in Dubai Investments Park and Dubai Silicon Oasis have been cut from Dhs495 to Dhs295. 'Despite figures showing that the business continues to benefit in the current economic climate, as business travelers trade down from four-star rivals, the reduction has been made in order to preserve the Premier Inn brand promise of delivering the best value for money available in hotel accommodation,' the hotel group said in a statement.