Hotel Price Categories for Summit, New Jersey

The hotels on the Rate Table and the Interactive Map are grouped into color coded price categories based on their average room rates.  The average rate for each hotel is calculated from the average of it's high and low room rates observed over a period of one year.

The latest hotel rate analysis for Summit, NJ was performed on April 28, 2008.  The analysis is based on the average room rates for 79 hotels within Summit, NJ and adjacent towns forming the Newark, NJ Metropolitan Statistical Area.  The current classification breaks based on this analysis are as follows:

See Hotel Rate Analysis and Classification Details below for a detailed explanation of the classification price breaks.

Automated Rate Analysis for Summit, New Jersey Hotels

Grand Summit Hotel A Summit Hotel          Info   Photos   Rate-history   Map
570 Springfield Avenue
Summit, NJ 07901

Rate Analysis	Low	High
Running Average Rate :	$192	$275
Rates observed on 7/9/08:	$187	$240

The observed low rate is 3% below the average low rate.
The observed high rate is 13% below the average high rate.

Hotel Rate Table for Summit, New Jersey

The table below shows only one hotel for Summit, New Jersey, but other nearby hotels may be found by using the interactive map.

The hotel record is color coded according to the Hotel Price Categories described above.  The "Low Dif" column shows the difference between the current low rate and the average low rate.  The "High Dif" column shows the difference between the current high rate and the average high rate.  Enter dates in the "Reservation Dates" form above and click "Update Rates" for the most current rates.  Click on the hotel name to see all available room rates and make reservations. 

Click the help link below for more information on the rate table update & analysis procedures. 

Open Help Window:  Rate Table Help

Interactive Rate Table for Summit, New Jersey Hotels                Averages calculated:  April 28, 2008        Rates captured:  12:00 AM on 7/9/08 Click Hotel Names for Info Pages          Click Avg Rates for Graphs           Click Table Headers to Sort Name Avg Rate Low Rate Avg Low Low Dif High Rate Avg High High Dif Grand Summit Hotel A Summit Hotel 234 187 192 -5 240 275 -35

Hotel Rate Analysis and Classification Details

The April 28, 2008 rate analysis for Summit, New Jersey hotels is based on the average rates of 79 hotels within Summit and adjacent towns forming the Newark, NJ Metropolitan Statistical Area.  The average rate for each hotel is calculated from the average of it's high and low room rates observed over a period of one year.  The rates range between the following values:

Lowest Average Room Rate:  $50 - Rnjmp - Red Carpet Inn Morris Plains
Highest Average Room Rate:  $258 - Mountain Creek Resort

The graph on the right shows the typical shape of a room rate distribution for a metropolitan area.  The colored areas depict the price breaks used to classify the hotels.  Rates greater than two standard deviations above the mean for all values are considered high end outliners and are removed from the price break calculations.

For the April 28, 2008 analysis, the resulting mean room rate for Newark, NJ MSA hotels is $146 and the standard deviation is $49.

Hotels with average rates greater than one standard deviation above the mean are categorized as deluxe.  One standard deviation above the mean is $195, so Summit hotels with an average rate higher than $195 are classified as deluxe hotels ( magenta ) on the map.

Hotels with average rates falling in the lower half of the range below the mean are categorized as budget.  The rate halfway between the low rate and the mean rate is $98, so Summit hotels with an average rate lower than $98 are classified as budget hotels (green ) on the map.

Everything in between is categorized as moderate priced hotels, so Summit hotels with average room rates greater the $98 and less that $195 are classified as moderate priced hotels ( cyan ) on the map.