According to a recent article in the New York Times, hotel rates in Manhattan have been drastically reduced to counteract sagging occupancy rates.
Now, the New York Times is concerned with whether or not this is a wise move for hotel operators. They question whether this will actually attract new visitors and ultimately improve the financial health of Manhattan properties. The article discusses whether there are better alternatives for hotels to entice guests to stay.
I, personally, don’t care if it’s good for the hotel industry or not.
I am simply thrilled that the end result makes Manhattan a more affordable place to visit.
Hotels in Manhattan are, on average, cheaper to book than they were a year ago. That’s good news for budget conscious travelers with an eye towards the Big Apple. Period.
How much cheaper?
According to the New York Times article, the average price for a Manhattan hotel room in 2008 was $280 per night. The average hotel room rate for 2009 is $198 per night. Spread that out over a 3 night stay, and you’re saving almost $300 for the exact same hotel stay.
You’ll find comparable savings if you choose to stay in a luxury hotel in Manhattan. Rates for luxury hotel rooms in Manhattan have gone from a 2008 average of $401 to a 2009 estimated average of $289 per night. Now might be the best time to finally splurge on a little New York City luxury, if your budget will allow it.
How long will these savings stick around?
Obviously, no one can say for sure, and even estimated guesses are still just guesses. But experts predict it will take years before hotels can get their rates back up to pre-economy crisis levels. While customers will happily jump on a good deal, they’re much more reluctant to go along with rapidly increasing prices.
The bottom line is this:
If you’ve been considering a trip to New York City, now is a great time to finally book the trip.
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