In a word, no.

However (and there's always a "however" or a "but") it does appear that New York City hotel rates have bottomed out. We've done a cursory analysis of future hotel rates, including discussions with hoteliers on yield and occupancy projections, and it appears that the 2-year across-the-board drop in nightly rates has or will soon come to a halt.

The good news for consumers is that current hotel prices represent a bargain compared to what we project rates will be in the futue. Of course, prices in New York City are highly dependent upon seasonality so taking that into account here is our recommendation for finding the lowest current prices:

• Summer (now through the first week of September) prices are very attractive
• Christmas week (around December 19 through the 28th) is another great time to be in New York City
• January and February are lower-priced, too.

What does this mean for vacationers planning a trip to the Big Apple next year? Prices will no doubt be higher than in 2010 but will still be below the high water mark of 2008. With 2010 rates 30% or more lower than they were in 2008 it will take several years for hotels to return to those levels.