Tips for Saving on Your Next Hotel Room.
According to Orbitz's Mel Dohmen, waiting until the last minute can yield good deals.
He says this because hotels would rather rooms be taken up than stay empty.
Hotel providers would rather a room be occupied at a lower rate than be unoccupied, meaning the price drops the closer it gets to your stay date pending how much inventory is left, Mel Dohmen, via HuffPost.
Priceline's Devin Nagle adds that booking a hotel rooms is not similar to air travel.
There are countless more hotels than there are airplanes.
They compete on price every day and regularly lower their rates on any given evening to try and secure last-minute bookings, Priceline's Devon Nagle, via HuffPost.
According to Priceline data, Nagle goes on to say that you should book earlier in the week.
Priceline analysts found that the best day of week to book a hotel for the lowest prices was on Sunday.
The second-best day of week to book a hotel was Monday, and the difference was not large, Priceline's Devon Nagle, via HuffPost.
There are some situations where last-minute booking is not the best idea.
Cases like these include booking a certain spot for an event or staying in the same hotel as friends or family.
According to Dohmen, if its these types of scenarios then waiting until the end is not recommended.
The downside to this money-saving tactic is you are taking a gamble and risking that inventory might be sold out the longer you wait, Mel Dohmen, via HuffPost