I will be staying this weekend at PHS and they have sold exactly one Cove Suite and the rest is vacant. There is room for them to be more generous with upgrades but no one confirmed in an Opera Deluxe or Opera Premium would ever be willing to move to a Cove Suite.
Despite not being able to sell their suites, they still pulled out of the Hyatt Prive Suite Sale which gave a 20% discount. They felt its beneath them.
PHS is so exclusive that they can sell items above face value: They are currently offering me some "Add-ons" to enhance my stay: One AUD 200 F&B voucher is offered for AUD 320! If I wanna burn less cash, I can get AUD 100 vouchers for AUD 160.