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Recession Great For Hotel Deals, Not So Much For Hotels

Our sister site Jaunted recently reported that no one's really traveling on airplanes these days. Now it turns out that all those people who aren't flying also aren't staying in hotels, and won't be for at least the next year:

An “overhang” of hotel rooms being built will depress prices through 2010 following the biggest first-half drop in room rates since in at least five years... “Through the go-go years, more and more hotels were built,” David Roche, president of Hotels.com, said in a telephone interview. He said prices probably won’t recover until late 2010... Lodgers worldwide paid 17 percent less on average for their bookings through Hotels.com in the six months compared with the same period in 2008.

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