The new hotel is a bet on the surge in luxury travel and the hopeful return of business travelers this fall.
"People just stayed away from downtown areas. They didn't want to be around a lot of other people due to Covid … but that has reversed and I think we're ready for the city vacation," said Jan Frietag, Costar Group's national director for hospitality analytics.
Capuano said the higher rates are a sign that hotels are commanding pricing power — so long as they can navigate a challenging labor market.
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