When paying for these sorts of hotels myself (family, vacation, leisure) i rarely return to the same hotel (or even location) twice.
Thus, it's difficult for me to accurately gauge year-over-year inflation.
It's more of a feeling - it feels like all hotels, pretty much everywhere, have seen dramatic rises in rack rates.
Whether it's luxury, upscale, or Court-Hill by Hil-iott. Up, up, up.

But just for fun, i looked at the last lengthy/spendy leisure trip i took - Morocco, last spring. Spouse and I spent freely and stayed in the most expensive room classes
(1-2BR that is, Royal Mansour and MO had 3-5BR villas we didn't need/want).

Marrakech is not a major world population center or anything, but it has a comically outsize number of luxury hotels/resorts on offer.
Surely the largest centralized confluence of such properties on the African continent and - outside of Dubai and a handful of island nations - possibly the most in Near Asia and MIddle East as well. It's just one market, and it's not Paris or HK, but it's a luxury market.

June 2023 vs. June 2024

Olinto - Eucalyptus 1BR pavillion
1000euro to 1250euro p.n. (still an outrageous bargain at 1250)

MO RAK - Oriental 2BR Pool villa
1750euro to 2250euro p.n.

Royal Mansour - prestige riad
$1950us to $1935us p.n.

While I'm a bit shocked to see RM price actually come down year on year, the other two saw significant escalation.
Perhaps most telling is the one 'chain' among the three (MO) seeing the biggest increase.
(And it was easily our least favorite of the three).