The Dream Hotel in Bangkok is pricing out rooms starting at a bit over $3 a night beginning in January, 2009.
I haven’t been there myself, but it’s very well-regarded on TripAdvisor.
Now, hotel mistake rates are never guaranteed. And rates booked directly with a property’s website even less so. But this is a great opportunity nonetheless. Some nights will even include a junior suite on offer from ~ US$5/night.
Rates are published in Thai Baht, so 100 Baht is about $3…
(Hat tip to Flyertalk.)
Update 9:08pm: A commenter notes the deal is gone.