A Proven Recipe For Cheap Hotel Rooms At Awesome Events
There is a big event in the area you want to go, but can't afford the trip. I found a pattern that seems to happen which has formed this recipe for getting to big events on a budget. Southern Utah is in a strategic place because we are so close to big events and can get to them quickly if this recipe works out.
The case study I bumped into was the Grand Prix Formula 1 race in Las Vegas. I was talking to a relative of an employee in charge of setting hotel prices.
Here are the steps of the recipe:
- Prepare 2 Watchful Eyes
Keep them on hotel rates. if they go up that is a good sign. This means the market is experiencing expectations. Markets, just like you, can't help but hope that things are going to go in a certain direction. In this case, it is thinking the event is going to be very popular and increase demand, hence the price hike.
-Measure Hype and Newness
The level of hype is a good indicator for the recipe as is the newness of the event. Both of these ingredients make it hard for the market to manage expectations. They believe the excitement without previous track records to keep their vision in check.
- Add 1 Level Teaspoon of Fear
There is an inevitable side of a big event; fear. Many people who would visit the area are going to avoid it because of the crowds that the big event is expected to bring. This hesitance is not always enough to counter the flush of visitors for the event, but often it is. Basically more people avoid the area than attend the event.
- Carefully Separate Visitors from Venues
As price-setting managers start seeing vacancies as the event approaches they will realize their gamble of higher prices is not paying off.
- Drop 1 Disappointment of Not Going
When this happens you will prices lower. If this happens you should find yourself sliding into the driver's seat. Often different hotels will start to either ramp up their offerings or drop prices to compete for occupants.
-Add a Pinch of Spontaneity
You have to be patient and ready to make a decisions to go or not close to the event. So steel your planning tendencies and be ready to make quick plans if the pattern works out. If not get ready to watch the event being broadcast or through your richer friends who attended anyway.
In the case of the Las Vegas race hotel prices were at a premium, the hype was big and the event groundbreaking. Then the week of the race they found that there weren't as many big spenders as expected and rates dropped, Southern Utahns watching this were able to get cheap hotel rooms for the race.
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