Supply has outstripped demand and sent tariffs crashing in Chennai with the opening of new 5 star hotels in the city. Luxury now cost as little as 4,500 a room per night. 

ITC Grand Chola, Leela palace & Park Hyatt, the three new five-star hotels have brought an additional 1,300 rooms to the city's existing 2,000-room inventory, and the increased competition has caused luxury room tariffs to fall by about 15% in four months. 

While the official tariffs range from 12,000 to 17,000, the realization rates don't go beyond 7,000, and the rest is considered cash discount. 

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