NYC Hotel Rates Hit Record Highs (nypost.com)

New York City hotel room rates reached an all-time monthly average of $468.54 in September, with luxury suites at properties like the Four Seasons commanding over $2,900 per night. Even budget-friendly chains such as Holiday Inn Express are charging up to $545 for standard rooms during peak holiday periods. Industry leaders attribute the surge to inflation and a shift toward wealthy domestic travelers, while noting that 79% of new developments will focus on luxury accommodations.