Booked Hotel ages ago - now big price drop?!!

[cjc]

I have been helping a friend put together a DIY package to Florida for this August. They've booked several hotels and paid a 'deposit' with the travel provider. However browsing internet and this provider is now offering the same hotel, same dates (7 nights in 4* hotel in August peak!) for £300 cheaper.
What would you do? This is alot of money so should I contact them and ask them if they'd offer the booking at the new rate?
thanks
CJ

 

[UKDEB]

What's the travel provider's cancellation policy? If there's no penalty, it won't be a problem at all. We've taken advantage of price drops on several occasions. Even if there is, you've got nothing to lose by asking.