Manhattan has never exactly been a bargain destination. Over the last decade though, it has become virtually impossible to find a modest and affordable hotel room. Even the “average” chain hotel room–that would go for about $60 anywhere else in the country–goes for $200+ here. Take the Holiday Inn downtown for example. If you were to stay there tonight, it would cost you $179-264, according to their website. Needless to say, there is no champagne awaiting your arrival.
The reason for the steep price hike? Shortage of rooms, according to this New York Times article. Cheap dollar has brought in thousands of tourists with money to spend. But local entrepreneurs in New York are not simply waiting around for the dollar to rebound. New hotel developments will add approximately 3000 rooms to the Manhattan market in 2008. Apparently, it would need at least 10,000 rooms to satisfy the demand.
Whatever happened to charging for hotels by the hour? I mean, how much sleep do you honestly need in New York?