London’s Luxury Hotels Have Hit Their Price Ceiling

Until recently, paying upwards of £1,000 ($1,300) for one night in a fancy hotel was starting to feel like an inevitability in London — even if you were happy to settle for a small, entry-level option. Thankfully for consumers, it’s now starting to feel like a stretch.

With more luxury openings driving up competition and economic uncertainty tamping down demand, London’s hotels are recalibrating their prices. The result is the first real deflation in luxury hospitality since the…