With the Kentucky Derby just around the corner, the price of one-night in a hotel room during the weekend of the big race is 340 percent higher than the weekend before the race, according to hotel price comparison platform HotelsCombined. Despite this, HotelsCombined also found that this year’s room rates are, so far, 10.5 percent lower than last year’s.
In April, HotelsCombined analyzed the price of standard rooms in Louisville that still have availability at three different hotels on Kentucky Derby weekend and the weekend prior to understand what consumers are paying to be part of one the longest running sporting events in the United States. Rates for the three hotels range from $2,580 to $4,408 for May 5 and May 6. Even with these rates, HotelsCombined found occupancy rates for the weekend of the race are at 91 percent.
“The Kentucky Derby is one of America’s most popular events on the sporting calendar and as with any big event demand for hotel rooms increases, as do prices, as people travel from across the country and the world to witness the popular event,” Chris Rivett, travel expert at HotelsCombined, says. “The price inflation for Kentucky Derby weekend is a reflection of the event’s popularity.”
With a week to go until the big race, rate changes are still a possibility.
Photo credit: Louisville Skyline via BigStock