Have you just booked a flight to an exciting destination? The thrill of adventure is flowing through you, and your itinerary is taking shape. However, where will you stay?
We’ve all been there—endlessly scrolling through booking sites, comparing prices, and second-guessing whether to book now or wait for a better hotel deal. You don’t want to choose a random hotel only to find out it’s far from attractions or doesn’t meet your standards. When securing the best rates and accommodations, timing can be everything. This leads us to the question, “When is the best time to book a hotel?”
In this blog, we’ll dive into the insider tips and tricks savvy travelers use to book hotels at the right moment. From understanding seasonal trends to leveraging last-minute deals, we’re here to help you become a master at hotel booking. So, let’s get started on making your next trip memorable and budget-friendly!
Understanding Hotel Pricing
To master the art of booking hotels at the best rates, it’s crucial to understand how hotel pricing works. Prices are influenced by various factors. Let’s explore these elements to see how they affect your booking strategy.
Supply and Demand
Hotel pricing is closely tied to supply and demand. Supply refers to the number of available rooms, while demand is the number of guests wanting to book them. As prices rise, supply should increase, and demand should decrease, and vice versa. However, this doesn’t apply universally to all hotels.
- Short-term perspective: In the short term, the supply of hotel rooms is fixed since building new hotels takes years. Thus, a price increase doesn’t lead to more rooms. Demand for hotels is driven by external factors like attractions or events, not by hotels themselves. A price drop won’t boost demand if the destination isn’t appealing.
- Long-term perspective: Over time, sustained high prices can attract investment, build more hotels, and stabilize prices. If rates stay too high, demand might drop and affect the destination’s appeal.
However, how often do hotel prices change? They can change not just daily but sometimes hourly, driven by fluctuations in demand and other factors. Revenue managers constantly adjust rates to maximize revenue for each room. Additionally, hotel prices can vary based on your IP address, currency, browsing history, and even the device you use—a practice known as “price discrimination.”
Seasonality
Seasonal pricing is a strategy where hotels adjust room rates based on demand during different times of the year. This leads to fluctuations in prices, with higher rates during peak seasons and lower rates during off-peak periods. For example, a ski town hotel may charge $330 per night during winter, when demand is high, but only $110 in the off-season. During busy periods like summer at beach resorts or the Olympics, hotels may increase prices by as much as 17.5% to maximize revenue.
Conversely, during slower times, such as November to March, hotels often reduce rates to attract guests and maintain occupancy. They may offer special packages or target specific traveler groups to counteract low demand. Hotels use historical data and market trends to dynamically adjust prices throughout the year, ensuring optimal revenue generation.
Location
A hotel’s location is crucial in shaping its pricing strategy. Hotels in prime areas, such as city centers, tourist hotspots, or business districts, can charge higher rates due to strong demand. For example, a hotel near Times Square in New York City commands premium prices compared to a suburban area, thanks to its proximity to popular attractions and amenities.
In contrast, hotels in less central or less desirable locations often need to adopt competitive pricing strategies to attract guests. These hotels might lower their rates or offer extra perks, such as free breakfast or shuttle services to nearby attractions, to compensate for their location.
Location also impacts a hotel’s ability to adjust prices based on events or seasons. Hotels in prime locations often raise rates during major events or peak tourist seasons, taking advantage of the increased number of visitors. This strategic pricing allows them to maximize revenue when demand is highest.
When Is the Best Time to Book a Hotel Room?
When planning a hotel stay, the timing of your booking can significantly affect availability and cost. Here’s a detailed look at how far in advance you can book a hotel and whether it’s cheaper to book at the last minute.
How Far in Advance Can I Book a Hotel?
The timeframe for booking a hotel in advance varies by hotel chain and location. Typically, major hotel chains allow reservations up to a year ahead. For example, Hyatt hotels can be booked 394 days in advance, Hilton hotels 365 days, and Marriott hotels 354 days.
In the U.S., booking hotels is generally cheapest on Fridays, though the savings are minimal—about 2%. For international hotels, Thursday offers the best rates, with potential savings of up to 6%. If you spot a great deal, act quickly, as waiting could cost you the chance to save. If the discount seems too good to pass up, it’s wise to book immediately to secure the best price.
Is It Cheaper to Book a Hotel Last Minute?
Booking a hotel at the last minute can sometimes lead to savings, but it comes with risks. Hotel rooms are often cheaper when booked 15 days out compared to four months in advance, with an average savings of 13%. This trend is more pronounced for luxury hotels, where last-minute bookings can offer substantial discounts. However, the savings might be negligible, and last-minute bookings can lead to limited availability, especially during peak seasons or events.
3 Ways on How to Find Cheap Accommodation
Finding cheap accommodation can be easier if you know where to look and remain flexible. Here are simple ways to find cheap accommodation:
Use Online Booking Platforms
Online booking platforms like OneAir offer significant advantages over booking directly through a hotel’s website. OneAir ensures that hotel prices are all-inclusive, with no hidden fees or extra costs, making it easier to budget your stay. Their highly competitive rates guarantee the lowest possible price for your selected dates, hotel, and room type. If you find a lower published rate within 24 hours of booking, OneAir will refund the difference.
Be Flexible With Travel Dates
Hotels typically offer lower rates during the off-peak season when demand is lower. By scheduling your travel during these quieter times, you can secure better deals and may even receive extra perks like free breakfast or spa credits as hotels try to attract guests.
Another way to save is by booking mid-week stays. Similar to flights, hotel rates are often cheaper from Tuesday to Thursday than on weekends. If your schedule is flexible, opting for mid-week stays can help you take advantage of the cheapest days to book hotels.
For example, if traveling in Asia, consider staying in major cities like Tokyo, Singapore, and Hong Kong or popular tourist spots like Bali or Kyoto for mid-week stays, when rates are often lower. For weekends, explore lesser-visited or more affordable destinations like Chiang Mai, Hanoi, or Penang, where you can enjoy a vibrant experience without the higher weekend prices of the bigger cities.
Join Loyalty Programs and Use Rewards
Joining hotel loyalty programs like Marriott Bonvoy, Hilton Honors, and Wyndham Rewards can enhance your travel experience. These programs are free and accessible via hotel chain websites or mobile apps. For luxury stays, consider The Leading Hotels of the World’s Leaders Club, which includes properties like the Ritz Paris and offers benefits such as room upgrade priority, daily breakfast for two, and flexible check-in and check-out times.
After joining, book directly through the hotel’s site or app to earn points. Points can be accumulated through stays, affiliated credit cards, or partner activities and redeemed for free nights, room upgrades, dining vouchers, or spa treatments. Enjoy exclusive member offers to maximize your rewards and watch for special promotions.
Takeaway
Booking a hotel at the best rate depends on timing and flexibility. To secure the lowest prices, aim to book during off-peak seasons and mid-week when rates are typically lower. Plan and book well in advance for popular destinations, but if you’re flexible, last-minute deals can sometimes offer significant savings. Monitor seasonal trends and use online booking platforms for the best deals.
Want to save big on your next hotel stay? With OneAir’s AI-powered app, you can access cheap hotel deals and enjoy significant discounts. Sign up now and let our unmatched rates make your membership worthwhile.
