Get a Room? Get Some Cash! Hotel Rates Rising
Dana Rubinstein July 27, 2010, 4:57 p.m.
It’s now or never folks, because the bonanza of cheap hotel rooms in New York City is nearly over, according to The New York Times. As with so many deplorable Times Square phenomena, we have the business travel community to thank for the recovering hotel industry.
[NYU professor Bjorn] Hanson estimated that the number of hotel rooms occupied by both business travelers and groups would be 6 to 7 percent higher this summer than last, while the rooms occupied by leisure travelers would rise slightly less, 5 to 6 percent. He attributed the increase in business travel to a stronger economy, and the improvement in leisure travel to greater confidence in the economy and “the expectation that rates will start to increase, and that this is a great time to take advantage of them.”
That means that, “in New York now and probably in other cities in the fall, business travelers will no longer be able to count on getting cheap rates at preferred hotels at the last minute and will have to book further in advance to stay where they want.”
Read the whole article here.