Why is the Mandarin Oriental Wangfujing so expensive?

I came to Beijing just for the Mandarin Oriental Wangfujing, Beijing. I have been looking forward to it for a long time. The price is one of the top in China, so I had to go and stay there. - 📍 The Mandarin Oriental Wangfujing is located in Caocang Hutong near Qianmen, Beijing. The blue bricks, gray walls, and red doors preserve the nostalgia and the local atmosphere. It is a 15-minute walk to Qianmen Street and is also very close to Tiananmen Square and the Forbidden City. There are still original residents in this area, and the room you stay in may be next to a courtyard where old Beijingers live, or a private courtyard, which is a very unique experience. The fan at the Mandarin Oriental Wangfujing is very special. It looks like Chinese characters you don't recognize, but it actually says "Unveil Beijing's Soul" in English. - 🛏️ 42 courtyard rooms are hidden in the hutongs from Caocang 3rd Alley to Caocang 10th Alley, each of which is a few hundred meters long. Each room is an old Beijing courtyard with a separate entrance. There are L-shaped (two-room) and U-shaped (three-room) rooms, ranging in size from 103 to 525 square meters, and no two rooms are exactly the same. - The Mandarin Oriental Courtyard I stayed in is a superior room type, U-shaped, with three rooms: a bedroom, a living room, and a bathroom, as well as a separate tea room and a persimmon tree in the yard. The room is designed in a new Chinese style, retro yet modern. Traditional courtyards have small windows, but the Mandarin Oriental Wangfujing has replaced them with large floor-to-ceiling windows. There are two mini bars, one in the living room and one in the tea room. The porcelain is from Royal Copenhagen, and all the drinks are free, including Jing-A craft beer and Beibingyang soda. The toiletries are from the French brand Frédéric Malle, which I have never seen before. There is also a Mandarin Oriental toiletry bag, which I took with me. The welcome fruit and pastries were very generous. The turndown service included a hat and a Mandarin Oriental bookmark. I think the hat was given to me because they knew I had signed up for the hotel's Central Axis cycling event the next day. There were also many cats in my courtyard. - 💆 Public area Mainly concentrated in Caocang 10th Alley and 9th Alley. The hotel lobby was converted from a former courtyard, and there is a 130-year-old maple tree and a 100-year-old Chinese toon tree in the middle of the courtyard. If you are not staying, you can have afternoon tea here. The spa is also in the courtyard.