Hotel rates in many US cities around the nation are down to an all-time low. The strongest US hotels markets such as New York, Miami and Las Vegas are suffering immensely.

Miami hotels, which have enjoyed high occupancy rates for the past decade, has seen iconic Miami hotels such as the Delano or Shore Club record very weak results of revenues down 30% to 40% since the beginning of the year. New York hotels, which were performing the best of all US hotels, are suffering intensely, as well. Las Vegas, New York and Miami hotels dropped US hotels room rates to lure customers. August 2009 was a particularly difficult month for the hospitality industry; US hotels had to slash their prices by an average of about 25%. New York hotels experienced the biggest room rate drop of -26%.