That's (usually) a myth. Room prices actually vary up and down because of yield management (based on forecasts of demand). In other words, sometimes rooms actually become CHEAPER as the date approaches, if demand happens to be less than previously forecast.

If you don't understand what I'm talking about, Google "yield management."

And, always check periodically to see if the room you've already booked happens to become available at a lower price. @:-) A lot of us FTers have benefited from doing so.

Of course, it's possible that some hotels (especially outside the US) don't use yield management, and perhaps they actually DO sell their cheapest rooms far in advance. However, I would NEVER, EVER assume that this is the case!