Hotels are invaluable when planning your next corporate event. They allow you to hold an entire event, house guests, and entertain them all in one place. Just make sure to ask all the right questions before choosing a hotel. But hotel fares are on the rise. A new study shows that 2016 is expected to see the large year-over-year spike in more than a decade, so book early and save. Projections indicate that next year hotel rates could increase by between 6.5% and 7.5%, following a record-high $2.47 billion in 2015. Meanwhile, some individual cities may see rates surge up to 15%. New York University professor Bjorn Hanson explains, “combinations of evolving practices at both corporations’ travel departments and hotels led to this huge increase for 2016.” As a result, companies who regularly use hotels to host events could start to make changes, such as relocating entire events to more affordable cities that didn’t take the brunt of the increase.