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Falling occupancy rates over the last year have taken a toll on the hotel industry, resulting in quite a few bargains for travelers. But a new government report indicates that travel prices may be starting to inch back up.
Last month the U.S. General Services Administration (GSA) announced new per diem rates that reflect an increase in the cost of domestic travel. These rates, which are updated at the beginning of each fiscal year in October, provide benchmarks for the cost of lodging, meals, and incidentals for those on the road.
Although primarily used by government employees and corporate travelers, the per diem rates also provide helpful insights for all travelers. The site provides state-by-state breakdowns of hotel and meal costs for hundreds of communities, which can help you budget more accurately before hitting the road.
The bottom line is that the GAO's domestic rate for hotels increased from $70 to $77 compared to last year. This is consistent with industry analysts who note the price you'll be paying for a night's lodging has bottomed out, and already has begun to creep up.
—William J. McGee
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