This is all just my personal view of course, but I'm in the camp that exorbitant ultra-luxury hotel prices are here to stay (other than in select markets like the Maldives where there is now massive saturation with too many new openings). I don't expect prices in New York, Paris and London for Aman/MO type properties to go down in the next few years. Where I see pain is the aspirational upscale masquerading as luxury hotel market, think Ritz-Carltons and the like. These are the hotels frequented by the same customers that have driven massive growth in $1-5K handbags over the last five years, pushed Louis Vuitton sales to record highs etc. who just can't keep spending as they have (this is also the customer group Gucci has been most relying on). In contrast, the average Aman customer has probably seen their net worth increase materially over the last few years from asset inflation and don't seem to care if their hotel room is $3,000 per night now rather than $2,000 per night.