Hotel Rates Dropping Due to Decline in Oilfield

Hotel Rates Dropping Due to Decline in Oilfield

The hotel business is feeling the effects of the drop in the oil industry.

Last year, rates were as high as $250 per night with a 60 to 80 percent occupancy.

Right now, that rate is around $150 to $160 per night with a 40 to 60 percent occupancy.

It's all because of the decline in the oil industry.

A hotel official says most of the guests were oil field workers.