It wasn't so long ago that pandemic restrictions battered hotels right and left. "Maybe they'll become work centers for remote employees," some said. Others wondered if the businesses would last.

Pandemic aid helped, but even more has been a reversal of fortune. Currently, the hotel industry has seen average daily rates (ADRs) that have hit record levels in several markets, according to Moody's Analytics.

Good for the hotels, no one wanted to see them all go under, but, really, how the heck did it happen? And how long can it last?

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