Originally Posted by MSPeconomist

Especially if there's some special event, the high rates could reflect the hotel's willingness to overbook for a high price and then plan to compensate guests who have had their earlier reservations cancelled by the hotel. It's similar to airlines being willing sometimes to sell full Y or full J tickets on flights that are already sold out or to make guaranteed availability a feature for some government/corporate fares and/or some customers with high elite status.