"Boston had a continuously stable market," Art Canter, executive director of the Massachusetts Lodging Association, tells GlobeSt.com. "Occupancy rates here have been going up since 1992."

Canter is quick to add that other cities have far steeper cuts in occupancy rates go even deeper. New York City, for instance, has experienced a 9% decrease in hotel occupancy rates over the same period as compared with last year.

"We're dealing with an economic blip," notes Canter. "Hopefully, it won't be long term but we're not expecting a great year." Canter attributes the majority of the decrease to the drop in corporate travel due to the economic downturn. Leisure is down as well, he points out, but in this case most of the drop is due to the decline in corporate occupancy.