One of the many mysterious questions of our life (at least in the 21st century) is asking when to book hotels to ensure the lowest price. Is it better to book early or late? The astonishing answer is “yes.”
As much as the answer may seem "null and void" it makes complete sense. The simple fact is that the fluctuation in hotel pricing is an independent element. In a simple sentence, – it is unpredictable. The best option, therefore, is to act both early and late as well.
Since many hotels still support the refundable and cancellation of booking up to some specific duration (a week) prior your reservation, it would not be futile to book early, and still keep looking for a better deal.
These are four main strategies suggested by a travelling enthusiast to ensure a cheap hotel booking.
1. Make early bookings
You can start booking hotels if you come across good deals early on. However, keep in mind you need to opt for the "pay when you arrive" option. This will give you the freedom to look out for better deals later on, while still ensuring a good deal if you fail to find any. Also keep in mind to not book hotels with "non-refundable" service, as it may cost you quite a lot if you decide to cancel the booking later on.
Reserving an early “cancellable” room in most cases assures you the best deal, and also give you ample time to shop around and look for even better deals.
2. Do a last-minute check
As mentioned earlier, hotel price fluctuations are hard to prognosticate. However, there are possibilities that the prices may drop in the last minute. Do this a week ahead of your trip when you are almost 99% sure of your plans. Now, these special deals are often hidden away from the obvious websites. Instead, they are mostly found on some opaque sites where they don't mention the hotel names specifically, but any other information about the room and facilities are made accessible.
The payment option may be of non-refundable and pay-ahead nature, but as long as your early bookings are refundable without any additional penalty charges, the non-refundable payment may be worth the money you save on the better deal.
3. Confirm the details
Don’t just jump the ship as soon as you sense a better deal. More often than not, cheap deals come at some price. This may mean the better deal may not have all the amenities you require or even the convenience of location as well. Instead, make a detailed comparison with your early booking and then decide if the new deal is better or not.
4. Why and where it works
There aren't any specific blog or studies to suggest the absolute "best time" to book hotels. In fact, the majority of travel agencies focus on booking airfares rather than hotels. Why? The price fluctuation in hotel and airfares are completely two different ball games.
In the hotel market, you can early reservations without any advance payments. This gives you the freedom to juggle between different options. Hotels usually cut down their pricing in the last minute if the room demand is less, and hike their prices in case of a busy business. Early booking can, thus, ensure you the best deals early on, but also give you the flexibility to cancel it for a last-minute price dip.
All of the above strategies are best suited for large hotels/resorts in big cities. In smaller inns and B&Bs, the price fluctuation is not that relevant, and the rate remains almost constant throughout the year. However, there are some possibilities that you can get a last-minute deal even in these hotels as well.
