The price of a hotel room in the US has dropped more than half in the past year, to a record low of $229.95 a night in October.
A survey of hotel rooms across the US by Hotel Tonight, which surveyed more than 1,000 guests a day, found that occupancy in October was the lowest since the start of the recession.
In October, the average price of one night’s stay was $259.70.
The average price for two nights is now $299.50.
“The lowest occupancy rate since 2010 was during the recession and is currently at an all-time low,” said David Ritter, the chief economist for Hotel Tonight.
The survey of 3,200 hotel rooms in the United States, Australia, and New Zealand was conducted between October and November.
The average room price in October dropped 0.3 percent from a year ago, to $229 a night, according to the survey.
This is the lowest rate since 2008.
It’s also the lowest price since the peak in the recession in 2009, when the average rate was $287 a night.
The national average was $263 a night last year, down from $284.45 in May.
The number of nights booked in October fell to 10,072, down 6,500 from a record high of 10,531.
The National Association of Realtors, which represents hoteliers, blamed the drop on a drop in new hotel rooms being built.
The association says the number of new hotel room sales in October is down 9 percent from the same month last year.
“We are seeing the largest drop in occupancy since we began to record occupancy in 2007,” said Robert Wertheim, executive director of the association.
Wertheim said the drop in hotel room supply is also contributing to the decline in the overall hotel industry.
He said the industry is expecting to see the number one source of hotel room occupancy decline to 5,000, from about 6,000 the previous year.
The hotel industry has already reported a loss of more than $400 million in the third quarter of this year.