I am somewhat familiar with that area. The description given is about right: "located proximate to many area businesses as well as leisure attractions, including beaches, Main Street shopping district and the Third Street Promenade. The property’s Santa Monica neighborhood offers upscale dining, premium shopping and vibrant nightlife."There are many many 1, 2, 3 star motels within 2 miles of the downtown area. I checked Yelp and see that there are also a fair number of of high end hotels in that area.I find it hard to believe that leisure travel would justify that price per key. But then I know little about demand in the world of "luxury lifestyle experiences that marry provocative design and intuitive service in sought-after locations." In looking over Yelp reviews it seems that this niche does work for many of their customers. For example, one says: "Just checked out of the Viceroy yesterday & I was super pleased with our stay. I was a little hesitant after reading other Yelp reviews but I found everything about our stay fabulous. What can I say besides the fact that the hotel is über swanky chic? Well, the location was fine with me, we were walking distance from the Third St Promenade, shopping & the Santa Monica pier. The staff was friendly and very helpful. Our room was clean with a magnificent ocean view & quiet."Seems on the high end of pricing per key nonetheless.
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