Sunday, May 06, 2007

Rising hotel rates

Years ago, I used to like to stay at the Park Hyatt hotel in Washington, D.C. I recall paying $99 on weekends, back when it was new and there was a glut of hotels in DC. That was in the mid-1980's. I stopped staying there after the rate rose above $149. I last stayed there back in 1998, when I may have paid $199 for a weekend rate.

Last time I was in the area last year the hotel was closed for a full renovation.

I just checked with Priceline and the Hyatt web site and the going rate for a standard room is now... $675. Wow. That is unbelievable. And the crazy thing is that business is so booming in Washington that you'll have trouble getting a hotel room in downtown DC for even $350 and should count yourself as lucky if you do. Even over the river in Arlington the Hyatt will run you $299.

I guess the economy is even stronger than even I thought it was. I strongly suspect that the metrics that we use for measuring economic activity are rather out of date and in desperate need of an overhaul.

-- Jack Krupansky

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