Hotel Rates Down 8.8 Percent This Year

The number of hotel rooms available is expected to continue to grow next year but so will demand, leading to a slightly higher hotel occupancy rate for 2010 of 55.8 percent, the report said.

That's still seven percentage points below the long-term average for the industry of 62.8 percent occupancy.

While the decreases have resulted in lowered revenue for the hotel industry, they've been a boon for consumers looking for travel bargains, as hotels have slashed rates and offered deals in order to lure guests.