Many are warning against doing it, but 
Hyatt hotels have become the first group to take the plunge on this scale. The company is cutting rates for nearly two weeks in the run-up to Christmas for guests in any property worldwide.
Nearly 350 properties, including Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt Summerfield Suites will have the 21% price cut, if booked before 12 December.
Stays must be made before 1 February, and they've cleverly inserted a clause into the offer that full payment is made at the time of booking - and it's non-refundable.
Hotels involved include the Grand Hyatt in New York, at $201 for a room previously $255, Park Hyatt in Tokyo at $302, rather than $384.
It's a response that many others will be following in similar kind.
Economic slowdown could force drop in room rates >>
wow thats a great price! and a worry!