By John Dodge

CHICAGO (CBS) — The average rate for a hotel in the City Of Chicago is a whopping 77 percent higher for the July 4th holiday, compared with last year.

A leading travel site blames the Grateful Dead.

Yet, their fans seemingly have no problem paying the price.

“With the concert commemorating the 20-year anniversary of the Dead’s final shows in the Windy City, the city is seeing a 122 percent year-over-year increase in hotel bookings and 77 percent year-over-year increase in hotel prices for July 3, 4 and 5,” the travel website Orbitz said in a statement.

The average rate for a Chicago hotel this week will set travelers back $340 a night.

That’s far higher than any other major city the Orbtiz’ orbit.

In New York, for example, the average rate is $242. Boston is $299, while San Francisco will cost $260.

New York is a relative bargain.

Imagine that.

Despite the skyrocketing hotel prices, the Grateful Dead (with cult favorite Phish) concert makes Chicago the No. 1 July 4th destination, Orbitz said.

Overall, air fare is down to most major cities studied, including Chicago.