The 17 Best Websites for Booking Hotels at the Cheapest Prices
What is the best day to book cheap hotel?
What time of year should I avoid hotel stays? – If your main goal is to save money, booking a hotel off-season is the way to go. That means avoiding popular domestic or European destinations in the summer and opting for spring or fall instead. Likewise, you won’t find many deals in Palm Springs, Mexico, or the Caribbean in winter.
- While some holiday gatherings and special events have been on hold due to the pandemic, typically around these times (and if the events are actually going ahead) you will see hotel rates shoot up as well—think Christmas in Hawai‘i, New Year’s Eve in New York City, or Mardi Gras in New Orleans,
- In short, remember that getting the best deal on a hotel room comes down to a few basic rules: Make your bookings on a more favorable day of the week (try Tuesday or the weekend), try for last minute if you can, travel off-season whenever possible, and avoid checking in on Friday.
This story originally appeared in 2019, and has been updated to include current information. Deb Hopewell is a freelance lifestyle and travel journalist who spent nearly two decades working at newspapers like San Jose’s The Mercury News before becoming the editor of Yahoo Travel for six years.
How far out is best to book hotels?
When to Book a Hotel to Save Money – Figuring out the best time to book a hotel isn’t an exact science — there’s plenty of variation throughout the industry. But if we’re looking at statistics, the lowest prices for hotel rooms are typically found just 15 days before your stay.
Yes, last-minute bookings are (usually) better. A 2022 NerdWallet study analyzed more than 2,500 hotel room rates from 2019 through the first half of 2021 and found an average of 13 percent savings for those who booked 15 days in advance as compared to those who booked four months in advance. Flashpop/Getty Images Keep in mind this is just an average and doesn’t take into account busy travel periods, such as the holidays, when you should definitely book in advance.
And according to data from the travel app Hopper, the 15-day benchmark is a good one for big business cities, such as New York and Chicago, but it’s not as accurate for vacation destinations like the Caribbean or Hawaii. In those destinations, Hopper notes that hotel rates are usually lowest about two or three months before your trip.
Can you call a hotel for a better price?
Timing Your Visit – If your trip coincides with the busy season, it’s unlikely that the hotel will negotiate their rates. When they can get other guests to pay full price, they’re probably not going to give you any discounts. If you travel during the off-peak season, however, you’re in luck.
Hotels are more willing to negotiate when business is slow. The front-desk staff should have some leeway to allow discounts for guests who ask. You’ll have a better chance of succeeding if you call as soon as you know your dates. You can try calling at the last minute or even negotiating in person when you arrive at the hotel, but you may end up not getting a room at all.
Regardless of whether you speak with the hotel staff by phone or in person, do it when they’re not busy. Avoid check-in and meal times; call in the late afternoon instead. You don’t want to speak with someone who is overwhelmed by arriving guests at the reception desk.
How do you ask for a discount?
HOW TO ASK FOR A DISCOUNT – It’s really quite simple. Seriously, you’re going to be surprised at how easy it is. As long as you’re willing to ask a few questions and speak up when you wouldn’t normally, then we’re about to rock. your. world. Here are our best tips on how to ask for a discount.
Just Ask! – If you’re not a super outgoing person who can easily ask for things, then this one may be a little hard for you. But it’s okay! Really, the worst thing they can do is tell you “no.” As long as you keep that in mind, there’s really no reason that you shouldn’t ask for a discount. Be Polite – Kill them with kindness! Be genuine and make them want to give you a discount. If Ask for a Manager – A normal salesperson or employee probably won’t be able to give you a discount. If they tell you no, don’t fret! Just ask to speak to a manager because they’re more likely to give you a deal. Inquire About Future Sales – If they can’t give you a discount, ask them if they can tell you when any upcoming sales will be. If they find out that you’re willing to leave without buying anything and come back later to save some money, they’re likely to give you any sale dates that they have. Ask for an Upgrade or Comp – If you’re staying somewhere or doing something that you could be upgraded to the next level, ask! Especially if you’re staying at a hotel and there’s something wrong with your room. Don’t just be okay with it; talk to a manager and they’re likely to do something for you. Be Firm and Persistent – Be confident in your way of asking. Say, “Will you give me 10% off my purchase since I’m buying two pairs of pants? That would help me afford this and be able to buy both” rather than “Do you think I’d maybe be able to get a little discount? If it’s ok with you?” Be firm! Negotiate – If they keep saying no, ask something like “what do I need to do to get this to $_?” Let them lay the rules and it just may work!
How do you evaluate the price of a hotel?
I don’t know if you are buying a hotel, if you are selling one or if you are just considering either, but one of the biggest questions you will face is how do you value it? And this article will help you answer it in 60 seconds or less by using simple guidelines and rules of thumb that absolutely anyone can easily understand. 1. Income Capitalization Approach: The value of an income-producing property is determined by the “present worth of future benefits” or a multiple of its net return. Within this approach, there are several techniques and considerations which we will not consider in this article as we want to concentrate on “quick and dirty” approaches.2.
Cost Approach: Mostly useful in determining if it’s better to buy or to build. This approach is not heavily favored because it does not consider income or economic factors, just the cost of buying an existing property vs building one.3. Sales Comparison Approach: Is the most useful for our purposes here.
It focuses on determining ranges and pricing momentum based on prior sales of comparable hotels. Rules of Thumb for Valuing Hotels in 60 seconds or less Room-Rate Multiplier ADR or Average Daily Rate is one of the better known KPIs (Key Performance Indicators) of the hotel industry and this rule of thumb essentially assigns a worth of 1,000 times the ADR per room, or if you are familiar with the RevPAR (Revenue per Available Room) it also sets the value at 3.5 to 4.5 times the annual room revenues (RevPAR x # of Rooms x 3.5-4.5).
- Value = ADR x 1,000 x Number of Rooms An example would be if we had a hotel charging on average €140 per room/per night and a total of 35 rooms, that hotel would be worth roughly €4,900,000.
- RevPAR is calculated by multiplying the ADR by the Occupancy % or by dividing the hotel’s total room revenues by the number of rooms.
Both of these are hard to know before engaging in direct conversation with a prospect (if looking to buy) and thus defeat the purpose of a 60 second valuation. However, if you don’t have a ready-made database of hotel transactions and/or KPIs that includes your target (which is highly unlikely) then, fortunately, companies like Christie & Co publish free general reports with KPI’s for the industry which can serve as benchmarks.
- The glaring omissions of using a RevPAR multiple to value hotels are that it does not take into account CPOR (cost per occupied room) or revenues generated outside of rooms such as restaurants, events, parking, spa, etc.
- But if you have more than 60 seconds then you could calculate the ARPAR (Adjusted Revenue per Average Room) which takes both costs and additional revenues into account.
Moreover, if you have the time or access to these you should just go all the way and do a proper Income Capitalization Approach. The Bottle/Can Soda Multiplier This is a fun one and very “exact” rule of thumb. Each room is worth 100,000 times the price of a bottle/can of soda either in the in-room minibars or in the dispensing machines of the hotel in question. Value = Bottle/Can Price x 100,000 x Number of Rooms Using our previous example and assuming €1.5 per soda, then the hotel is worth roughly €5,250,000 which isn’t too far from our first prediction. In a simple world, you’d be able to compare the sale/purchase of the hotel in question to a previous sale with the exact same conditions. However, since we live in a complicated one, we must simplify as much as possible and when it comes to hotels, we must break it down to rooms typically.
This technique allows you to compare apples to oranges (sort of) by breaking down historical hotel sales to a per room basis making possible the ‘unfair’ comparison of a 100 room hotel sale to a 35 room hotel sale, for example. Essentially all you need to do is divide the total sales price by the number of rooms to arrive at a PPR (Price Per Room) value.
PPR = Sale Price/Number of Rooms An example would be if you were considering buying the 35 hotel we have been discussing and you know/discover that 6 months prior, just a few blocks away a much larger 100 room hotel sold for €14,500,000. This boils down to €145,000 PPR, so a 35 room hotel should be around €5,075,000.
- If you have ever shopped around for an apartment or even to rent one you might remember how easy it was to determine the market value.
- Especially if we are talking about a high rise with many virtually identical options.
- If several with similar, if not identical, conditions were selling/renting for one price you would not pay more for another without a specific reason as to why it’s above the market ask.
The same applies to hotels but since rarely two are similar this is a very general approach that essentially considers nothing but historical sales price divided by the number of rooms. This allows as close a scenario as possible to the above mentioned apartment hunt when it comes to hotels.
The downside of this approach is that it assumes that all rooms are created equal, not considering very important factors such as the revenue each room generates, the quality of the construction and FF&E (Furniture, Fixtures & Equipment), something as subtle as the underlying incentives of that previous purchase, or a political event, such as Brexit or anything that does have an effect on the market at the time the comparable transaction was/is taking place.
Putting it all together If you were really considering our ‘imagined’ example hotel to either purchase or price to sell, then the best starting point would be to quickly calculate all three approaches giving us three different values of 1) €4,900,000 2)€5,250,000 & 3)€5,075,000 so unless the asking price (in case of buying) or expectation (to sell) is nearby or under these values, we should move on and consider other options.
- In this case, the 60-second valuation will have served its purpose – naturally, there are many other more precise methods to consider if it turns out the transaction warrants further analysis.
- If you have further questions or specific scenarios that don’t quite fit these methods such as really small boutique hotels/B&Bs or unique hotels, feel free to reach out to me and I’ll do my best to point out how to adapt these rules of thumb calculations to your situation.
Works consulted for writing this article: deRoos, Jan, and Rushmore, Stephen. ” Hotel Valuation Techniques” Korobkin, Alexey. ” Hotel Valuation Techniques” https://www.hospitalitynet.org/opinion/4050645.html