"Here's a mostly empty office building that we want to turn into a cool hotel" is, in 2025, an easier sell to lenders than "Here's an empty lot that we want to turn into a cool hotel." That's true because of high interest rates and construction costs.
It turns out that 2019 is no longer a good year to compare prices to. That should be a relief to anyone trying to explain why their travel budget looks so different now.