Prague seems to have gotten a little ahead of itself, at least where luxury hotels are concerned. In the summertime, its nicest four- and five-star properties are fairly full, but in winter, the tourist trade contracts.
What's more, one of Prague's most reliable markets, tourists from Germany, often treats Prague as a quick getaway of a night or two. Hoteliers are left eager to extend bargains to anyone willing to stay for longer.
Those two downward trends work together to create deals. Take the Mandarin Oriental Prague, a seven-year-old property in the cobbles of Mala Strana beneath Prague Castle. If you want a room there from now until the end of March, 2014, the hotel will deal—and aggressively. It's letting you rent a room for three nights but only pay for two, which means a discount of 33%. (Click here for that deal. Note that the hotel's website says rates are from €355, but in fact, we've seen per-night rates for €236, which makes a three-night stay cost about $208 per night, in U.S. dollars, rather than $313 per night.) Not only that, but it'll throw in breakfast.
Lo and behold, the Four Seasons Prague is offering the same deal: stay three nights but only pay for two. (Click here for that promotion, also good through March 2014.) At the Four Seasons, the rate is a little more dodgy--you have to hunt for dates where it's truly low and not padded by dynamic pricing, but saving a few hundred euro off the regular three-night rate is still possible.
Those are just the expensive, brand-name hotels. Boutique and family-owned hotels are affected by the same vagaries of seasonality and German whims, so they may be just as likely to mimic the promotions offered by the big boys. When you book in Prague (here's a list of our recommended properties), always ask if you can get a discount for staying more than two nights.