Where's the lowest hotel rate? Online shoppers may have to do a lot of research to find it, a Piper Jaffray study indicates. And when they do find it, OTAs and travel search sites will have the lowest rate more often than hotel supplier sites. Piper Jaffray surveyed 1,000 U.S. customers who reserved rooms at 86 chain hotels in the world's largest 25 cities. It found that OTAs and travel search sites had the lowest price 21% of the time, while hotel supplier websites had it 13% of the time. In about two-thirds of the cases, room pricing was the same across distribution channels.

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