More luxury hotels are being developed in New York and other major cities as business travel bounces back and the demand for high-end lodging increases, according to this report from The Wall Street Journal. The new wave of luxury offerings will begin with the opening of the New York Park Hyatt next week. The 210-room Park Hyatt flagship will have an average daily rate of more than $900. A wholly owned Hyatt subsidiary recently purchased the hotel from Extell Development Co. for $390 million, which comes to nearly $1.9 million a room, the article states. Other luxury hotels on deck include Four Seasons, which is building another Manhattan hotel downtown in Tribeca that is expected to open in 2016, and the ultra-luxury Baccarat Hotel & Residences New York, located off of Fifth Avenue on 53rd Street, which is scheduled to open in December. Read more over at The Wall Street Journal.