Increased demand allows hotels to start raising rates

Need a great reason to book your trip early? With a recovering economy, once struggling hotels are filling up and room rates are beginning to trend upwards. By booking early you’ll be able to lock in a lower rate leaving you a few dollars to spend elsewhere. Below is an excerpt from the New York Times article or read the entire article by Clicking Here.

Hotel owners and management firms weathered tough economic conditions, which drove down occupancy and room rates. Demand is starting to pick up in the business- and leisure-travel sectors, causing occupancy rates, a leading indicator, to rebound. After occupancy rates start to rise, rate increases typically follow. “We still have a long way to go, but we’re seeing early signs that because of strong demand recovery in 2010, managers are beginning to move room rates,” said R. Mark Woodward, president of Colliers PKF Hospitality Research. “We’re literally at the turning point.”