Despite cheaper rooms in many regions of the country, hotel occupancy rates were down more than 10 percent this May compared with last May in cities like New York, Las Vegas, Chicago and West Palm Beach, Fla., according to Smith Travel Research.
In New York, average room rates were down 23 percent this May compared with last May. Las Vegas similarly saw a 21 percent drop, and West Palm Beach saw an 18 percent decline.
Still, it's unclear whether the airline and hospitality industries' efforts will have enough of an effect to buoy business.
According to Parsons, last-minute decisions to book a ticket are "good for the business and leisure travelers, but not good for the airlines."
"Travelers are booking under 60 days -- it's messing up airlines because they can't see the advance bookings like they used to," he said.
For travelers who have been waiting for a deal, now might be the best time to take advantage, according to Seaney.
"If you're buying this weekend, prices will be up anywhere from 30 to 50 percent, so you have to get it while the getting's good," he said.