In the US, the number of hotels with average daily rates exceeding $1,000 a night grew to 80 in the first half of 2024, up from 22 in 2019, according to CoStar Group
Luxury accommodations charging $1,000+ a night have become common as affluent travelers continue to splurge, despite inflation, while budget travelers pull back, reports the Wall Street Journal.
If you plan a weekend getaway in October, be ready to shell out $1,300 a night for a standard room at the Ritz-Carlton New York NoMad, while the Four Seasons Miami Surfside would charge $1,500.
Hawaii’s 1 Hotel Hanalei Bay offers rooms starting at $1,110 if prepaid.
The number of US hotels with average daily rates of over $1,000 a night surged to 80 in the first half of 2024, compared to just 22 in 2019, per CoStar Group data.
The trend is even more pronounced in Europe, where the number of hotels with a $1,000/night average tripled to 183.
The strategy behind higher prices
Luxury hotels are not responding to demand; they are leveraging their pricing to signal superiority in an era where service quality varies. High-end travelers are fueling this market, with their continued spending allowing hotels to prioritize luxury experiences and worry less about attracting budget-conscious guests.