Last updated: 02:00 PM ET, Wed May 25 2016

Indianapolis Hotel Rates Skyrocket Ahead of Indy 500

Hotel & Resort | Patrick Clarke | May 25, 2016

Indianapolis Hotel Rates Skyrocket Ahead of Indy 500

Photo via Twitter

Hotel rates in Indianapolis are rising with the anticipation for this weekend's historic 100th running of the Indy 500.

The beloved Memorial Day Weekend event will take place Sunday at Indianapolis Motor Speedway. However even though the race has sold out for the first time in history, a ticket still may be easier to get than a nearby hotel room.

According to a recent survey conducted by, hotel room rates across the city are soaring ahead of the holiday weekend, with one hotel listing a room at an increased rate of more than 1,000 percent.

The website found that fewer than one in 10 local hotels still have vacancies for the upcoming weekend (May 27 to May 30). As a result, the few hotels with availability have increased their rates by an average of 222 percent, the survey determined.

For perspective, it's been more than four years since Indianapolis hotel rates reached these sort of heights. And with the exception of Super Bow XLVI in 2012, travelers to the Midwest city have never experienced anything like it.

Those looking to book a room in central Indianapolis at the last minute can expect to shell out a minimum of $500 per night or well over $1,000 for a weekend stay, found.

READ MORE: AAA Projects 38 million Americans Will Travel on Memorial Day Weekend

While rates have climbed by triple-digit percentages at a plethora of Indianapolis hotels, the biggest surge by far is at the Knights Inn Airport South, where a standard room that typically costs $69 per night is going for $766 per night ahead of the Indy 500.

The jump represents an eye-popping 1,010 percent increase. By comparison, no other hotel analyzed saw an increase of more than 488 percent. 

Travelers eyeing more affordable hotel rates will have to venture farther away from Indianapolis Motor Speedway. In areas around Indianapolis International Airport and nearby suburbs like Greenwood and Martinsville, travelers can find rooms for as little as $200 per night.

The downside is that they'll be anywhere from 20 to 45 minutes away from the Speedway.

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