I've always assumed that all of these hotels were just raking in the money now compared to pre-Covid. After all, what changed besides the rates doubling or tripling?

Well, two things have changed, especially by now:

1 - Interest rates are WAY up. That may not affect each property, but it likely affects some.

2 - Labor is in very short supply since Covid, and now much more so after the fires. In some cases, I think this even limits the amount of rooms hotels will sell in some cases.