Are hotels getting smaller?

Twenty years ago, the average hotel was a little over 350 square feet, said New York University Preston Robert Tisch Center for Hospitality and Tourism clinical professor Bjorn Hanson. New hotels are getting smaller because they don't need to be big, he said. Bulky TVs have been replaced for flat screens.



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Hotel rates have also cooled off a bit, according to Hopper, though not as significantly as airfares. Hopper reports that average hotel nightly rates are down 5 percent when compared to summer highs, with the current national average being $196 per night.

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If you thought 2022 was an expensive year to travel, get ready to spend even more in 2023. New data from travel site Hopper shows that U.S. hotel prices averaged $212 per night in January — that's 54% higher than the same month in 2022. Planning on taking a trip soon?

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CBRE's revised forecast projects 2023 RevPAR will be up 4.6 percent year over year to $96.64, which is down $1.25 from its previous forecast, issued in May. CBRE's softened RevPAR projections are partially attributed to decreased occupancy expectations and a decline in demand, according to the company.

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Seeing as many people have to travel for work, trends in the hospitality industry are driven by the need to create a tranquil experience for working professionals. In 2023, hotels will introduce the more co-working spaces to provide an enhanced and comforting experience for their guests staying longer.

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The price surge is more dramatic in many popular European destinations. Compared to 2019, May's average room rates were up 33% in London, 38% in Paris, and 22% in Amsterdam, STR data shows. Freitag blames a combination of inflation and a still-unrelenting demand among Americans to travel.

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Supply and demand imbalances aside, hotels are facing other challenges this year thanks in large part to persistently high inflation. Hotels are faced with rising energy costs to heat and cool along with the rising cost of goods and services, Hayley Berg, lead economist at Hopper, tells Money.

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Hotel prices are dynamic, fluctuating based on supply and demand — that means the price you see when you're searching for hotels one day might change the very next, even if the dates of your stay remain the same.

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“Actually, hotel prices decline the longer you wait,” says Shank, “so if you haven't made plans yet, you can be rewarded for that with a better deal.” Same-day rates on HotelTonight are, on average, 10 percent less than if you book the day before, according to Shank. Be willing to live on the edge.

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What To Do If Your Hotel Price Drops After Booking. If you see a hotel price drop after you book, your best bet is usually to cancel your existing reservation and re-book, said Michelle Phillips, travel blogger at EverywhereTheyRoam.com.

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It is sometimes said that All hotel rooms abroad are bugged for audio and visual surveillance. Of course it is not true that all of them are bugged, but a great many are -- especially in major hotels frequented by foreign business and government travelers.

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As hotels have strengthened their market share in interest and usage during much of 2022, the opposite is true for short-term rentals. The decline in engagement could be linked to reduced COVID-19 concerns, an aspect that benefited these accommodations during much of the pandemic.

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Depending on the type of Airbnb apartment and the hotel, Airbnb can be cheaper than hotels but can also be more expensive. In general, Airbnb is cheaper than hotels because Airbnb does not have to pay for the overhead costs of a hotel or the general management of such a large operation.

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Generally speaking, it's best to plan to spend no more than 25-30% of your monthly income on a hotel room.

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Save up to 60% on average when you book an Airbnb instead of a hotel here. The cost of spending a few nights in Europe might have you reconsidering all of your travel plans—hotels are expensive, especially with the surge in travel demand in 2023.

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While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.

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