When the economy was booming, many hotel companies began building new properties. Some of those are opening now, resulting in a 2.5% increase in hotel room supply this year, just as demand is dropping by around 1% or more, according to Jan Freitag of Smith Travel Research.

"We're going to see a substantial decline in occupancy this year," agreed Bjorn Hanson, an associate professor of hospitality and tourism at New York University's Tisch Center.

Excess supply means opportunities for consumers. Here are some strategies for booking hotels on a budget.

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