I have a custom post type - say Hotel Booking - all the data are filled in by the admin and users can browse through different Hotel Rooms. Now, I would like the user to be able to tick additional options before they book which will increase the final price. So for example the user can tick 'Additional Meal' and the price would update or 'Insurance' - the price will update. All of this in the frontend - not in custom-type edit page. I am not sure how to do this I know that that in Drupal the fields can be exposed to be selectable/changeable by the user. Is there a way to do this easily in Wordpress?
No, unless you are prepared to be a bit creative and do some coding.
But what might be good is to try a plugin to handle the selection of all the things you are talking about.
I recommend gravityforms. It is a premium plugin but is capable of many things, such as e-commerce with options like you are describing. It has a fairly easy learning curve, but is also extensible with its own API of hooks and filters that allow you to do a lot of things that interact with the rest of your site or other data types.