Hotel Room Rates Drop

For the first time in more than five years, hotel room average daily rates posted a year-over-year decline for the month, according to Smith Travel Research, further evidence of the emergence of a buyer’s market for meeting planners.

Average daily rate, or ADR, dropped 0.5 percent in October compared to October 2007, declining to $107.60. It broke a 63-month streak of positive year-over-year monthly ADR numbers dating back to June 2003.

Only three segments of the hotel market

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