It depends. Would you like to stay in a 5-star a 3-star hotel?
Most of my experience is in mid-market hotels. Even in those we get the occasional bargain hunter you see lots more of at an economy tier property. Hotel room rates can be negotiable, although not nearly as much as some people seem to have the impression. But a lot of people do walk around with that impression, so we end up dealing with quite a few people who want the best room in the house at a 10% discount off what the guy in the cheapest room is paying.
(I let it drive me a little more nuts than I should, but it's a personal pet peeve of mine. When I’m having a bad day, I get onto YouTube and bring up that video of Priceline Negotiator heading off a cliff in that bus, and it makes me feel better. Nonetheless, it does happen.)

So, it is kind of awkward for to have too many 'levels' of quality, amenities, service level, or price within a single hotel, or that much of a spread between them. I might set aside a specific room or suite, that's a little extra nice or that has a nicer view, for someone special if I know ahead of time that they're coming, and put a few extra amenities, maybe a freebie or two, in there. But generally, what you call the “best suite in (the) hotel” isn't that much better than the average suites of the same type. It may be a suite instead of a room, and it may rent for a little more, but neither the price nor the quality will vary by much.

