Budget hotel rooms go for $370 in NYC

That's what some people checking out of the chain's Times Square hotel Thursday paid to spend the night. The rate for Thursday night hit $370 - even when booked a month ahead of time - before a raft of last-minute cancellations drove it down.

"It's ridiculous," says Muriel Upton, a traveler from Michigan who paid nearly $300 to stay at the hotel this week.

Budget hotels such as Motel 6, Super 8 and Travelodge have largely been left behind in this year's run-up in room rates. Through October, budget rooms are up 3.5% from 2004, vs. 5% for all hotel rooms and 7.6% for luxury hotels, says Smith Travel Research.

But in hot cities at popular times, budget hotels can charge nosebleed prices. While in many cases it's simply a case of location, some industry experts including Mark Woodworth of PKF Consulting say it could be a harbinger of higher rates at budget hotels nationwide.

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Source - USATODAY


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