Hotel demand, prices up

(FILE) A hotel room. (Photo/Bob Child)

August 13, 2012 3:18:15 PM PDT
More than 500 million hotel rooms have been sold so far this year.

That's a record, according to study. And with that demand comes price increases. USA Today reports that in New York City the average daily rate has increased by more than $33 since 2009. In Chicago, the average rate this year is $120 a night.

Most cities will continue to see rate increases in 2013.

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