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In New York Times,

Still, rooms were large by the city’s pint-size standards, service was sharp, and for the moment, they offer some of the best values around.

What's your understanding of around in this context? I've gone through all the definitions in the dictionaries, but I'm still not sure which meaning applies here. Can you help?

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The sentence is using around to say something like:

Still, rooms were large...and for the moment, they offer some of the best values available in the area.

From the dictionary entry here, the meaning which applies is:

somewhere near or about; nearby: I'll be around if you need me.

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The meaning of "around" specifically here is:

in all directions from a center or point of reference

The hotel would have been the center or point of reference, and from there, they would have offered the best values throughout the area near them.

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I upvoted @simchona's answer, but want to add something.

In this context, around could also be simply replaced with available. In other words, it means not only "physically available in the area", but also "that could be found."

... some of the best values that could be found.

Maybe too subtle a distinction?

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