We saw this one coming. The travel industry has been hit by the economy — people are traveling less because their expenses up and jobs aren't as secure as they used to be, and gas prices have caused airlines to barely stay in business. Hotels are a main component of the travel formula, and they're beginning to express their hardships in the form of fees and fine print [1].

Some hotels are imposing cancellation policies that entail giving notice weeks before a scheduled stay, and the penalty for canceling after the given date may result in a charge for the total stay. Paying for an unused hotel room? How frustratingly expensive. Before you book an accommodation, be sure to ask about their cancellation policy and make note of it if you go through with making a reservation.

Source [2]