Hotel room rates rising for Final Four weekend - Fox 2 News Headlines

Hotel room rates rising for Final Four weekend

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ATLANTA -

Hotel room rates in Atlanta are skyrocketing in light of the Final Four.

When the NCAA tournament began several weeks ago, Mayor Kasim Reed said Atlanta would make $73 million off the event weekend.  

According to the website AtlantaHotels.org, the average rate for hotel rooms has gone up an average of 167 percent this weekend.  Mark Woodworth, the president of PKFC Hospitality research firm says the reason for the high prices is pretty simple.

"So much of the fun of participating in an event like that is being right there, around the event, as close as you can. It's fundamental supply and demand. When you have the demand for a product, far outstripping the supply of the product, no matter what business you are in, the price goes up," Woodworth said.

Some of the highlights in the study includes a 215 percent increase at Hotel Indigo from $129 to $406.  Meanwhile, a suite at the Ritz runs $800.

Despite the high numbers there are still vacancies available for this weekend in Marietta and Sandy Springs with rates running less than $100 a night. Numbers are expected to go back to their normal rates next weekend.

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