Recession a wakeup call for elite hotels

The Chicago Sun-Times reports:

Hotels in Chicago, as well as other big cities, are offering dramatic bargains to draw visitors during this economic lull.

Here, the prestigious Drake Hotel, famous for hosting Princess Diana during her only visit to Chicago 13 years ago, started the price war among Chicago hotels last January that continues today.

The Drake started offering a $95-a-night rate in January that dared others to follow, said a rival hotel executive who declined to be named. That rate ended in mid-April, but Chicago's hotels continue to offer deals.

An article well worth your time.