Signs of Big problems for Hotels

Checking out the price of Hotels in the 'Mile' in Chicago. For the Saturday after thanksgiving. Normally the price would be $500-$600 if you get a room. (from last years trip). This year? $245 on the mile in the Westin. I have never paid these little to staying the holiday Inn. The only other time I saw rates cheaper was Dec of 2001 I stayed in New York at the Waldorf For $200. I am pretty sure there hotel was at its lost point ever.