Please Explain This To Me
The hotel market is confusing. In San Diego, the 670-room Hotel Del Coronado just sold for $880,000 per room. Across the San Diego Bay, another luxury hotel, the 1,625-room Manchester Hyatt, just announced that it is under contract for $351,000 per room. I understand that more rooms may result in a lower price per room, but for two luxury hotels in the same town, the price dichotomy seems large. I don't know for sure, but I doubt a night's stay at the Hotel Del costs more than twice much as a night at the Manchester Hyatt.