The Chicago Cubs and the Cleveland Indians are coming head to head this week in the final culmination of the World Series, and the hotel rooms in Cleveland are quickly filling up.
The hotels that still have rooms available have been charging upwards of $500 to people who seem more than willing to pay it. Rooms at the Hilton Cleveland Downtown have been priced at $599, while the Hilton Garden Inn Cleveland Downtown has been price at $509.
As a comparison, on the first Tuesday of November last year the average hotel room rate in Cleveland was priced at $129. Even in July when the Republican National Convention took place the rates averaged at $343.
The Hotel & Leisure Advisors vice president Laurel Keller explained the rising rates.
“It’s basic supply and demand. These properties are assuming demand will be so high they’re going to sell out. They’ve taken their rates to the max so they won’t leave any money on the table.”
In addition to the room rates going up, the flight prices into the city have been rising as well.