Some more reading material:
A story from Bloomberg says hotel operators will need four years to get back to 2008 rate levels after slashing prices this year. The story also says this year may be the lowest annual occupancy level in 20 years. It seems as if everyone's warnings were correct: Occupancy keeps falling even as rates come down, so cutting rates is the worst thing you can do. I guess the lessons from 2001 weren't learned as well as we had hoped.