Hotels cut prices

Occupancy rates are holding up pretty well in L.A. and OC counties. July numbers, courtesy of PKF Consulting, show an overall rate of 74 percent in L.A. (down from almost 80 percent a year earlier but still decent), and 78.8 percent in OC, down from 83.3 percent. Santa Monica had occupancy of more than 87 percent, which is pretty much normal. But hotels are filling up in part because of lower room rates. In L.A., they averaged about $140 a night, down more than 16 percent from a year earlier. In OC, they were $138.19, down 16 percent. PKF lags in its release of hotel data, so perhaps the August and September numbers are more promising.LAEDC)