ODESSA - In 2013, when hotel rates notoriously climbed as high as $250 a night during the frenzy of an oil boom, investment made sense, said Jay Patel, a co-owner and manager of Sleep Inn and Suites.
But that was before oil prices tumbled to roughly half their peak from last summer and guests stopped flocking into hotels, keeping occupancy rates near full.
Sleep Inn commands about $149 a night during the busiest days of Monday through Wednesday. Rates at the end of the week are about $100.
The Odessa Convention and Visitor’s Bureau reports that the rates Sleep Inn charges fall in the common range of $129 to $159, even though some places still charge more than $200 per night. Weekend rates are also often as low as $99 per night among the city’s hotels.
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