Originally Posted by Sophoclefr

Again I agree with you and would happily pay 20-25% to stay at the Peninsula vs PHV.

But according to my own experience and many discussions with Claudio (former GM) very few people pay the standard price. Lot of rooms booked on points, FNC (when it was still Category 7) and corporate rates. At the time he mentioned the average revenue per room was around 800, half the one of the neighbour Ritz (Peninsula was not open yet).
And talking about free upgrade they have 10-20 Globalists every night (i.e. more than standard suites) so can’t upgrade everybody (but in my own experience often upgrade to premium suites including Diplomatic/Ambassador which are a different league).