Nonrefundable Hotel Deals: No Payin', No Gain
Read the fine print or else. Companies such as Hilton, Hyatt, Starwood and Fairmont have been offering extra-low rates with a major catch: they're nonrefundable and can't be changed. There are a number of reasons hotels are doing this: 1) A bird in the hand is worth two in the bush — and don't think for a second that hotels aren't extremely envious of airlines' ability to charge passengers itinerary-change fees; 2) the hotels can dangle a low rate on their own sites and on booking engines — "rooms starting at $149" — knowing that many travelers will end up choosing more expensive, cancelable reservations; and 3) travelers have been getting wise to hotels' (and car-rental agencies') trick of dropping prices at the last minute, so these rates discourage people from canceling and rebooking at a lower rate.