Prices for hotel rooms were, on average, 13 percent higher in 2022 than in 2019. At the same time, delays in making room renovations and labor shortages caused guest satisfaction to plummet. An article in the Wall Street Journal explained: “While some big properties used the pandemic to get ahead on renovations, most were trying to survive as bookings plunged. Many put funds typically reserved for improvements toward expenses such as leases.” If a hotel paid for a lease using funds that it had initially planned to use for room renovations, what was the opportunity cost of the hotel’s decision?