Hotel Rates for Indy 500 Soar Up to 1000%

INDIANAPOLIS — Good luck in finding a hotel room for the Indy 500. Hotel rates in Indianapolis are skyrocketing for the upcoming Indy 500 weekend, according to a recent survey conducted by CheapHotels.org. This year marks the 100th running of the auto race.

As of Wednesday, fewer than 10% of hotels in Indianapolis were still offering available rooms for the big race weekend (May 27 to May 30, 2016), the survey shows. On average, those that do still have vacancies are charging 222% more than they usually do, but some hotels are increasing their rates by a lot more.

One such example is the Courtyard by Marriott at the Capitol. Located in downtown Indianapolis, this establishment is charging $950 per night for a standard room this upcoming weekend. That figure represents a quadrupling of its regular rates. The award for the biggest price gouger, however, goes to the Knights Inn Indianapolis Airport South. This low-budget hotel is listing a room rate of $766 nightly during the Indy 500 weekend, for an increase of over 1000%.

According to Barbara Adams of CheapHotels.org, with the exception of Super Bowl 2012 in Indianapolis, hotels have never been so expensive in the history of the city.

For the most affordable hotel room in central Indianapolis, an overnight guest will currently have to spend $499, or almost $1500 for the three-day race weekend. More affordable rooms can be found around the Indianapolis Airport or in the suburban towns of Greenwood and Martinsville. There, travelers to the city can still find rooms from between $200 and $250 per night.

Over 250,000 people are expected to attend the Indy 500 in person.