Excerpt from CoStar
Average daily rates for Paris hotels during the Summer Olympic Games have been described as “exorbitant,” “colossal” and “hallucinatory.”
The numbers are making headlines in France as room prices grow up to 314% between July 26 and Aug. 11, 2024, the dates of the Games.
Average hotel rates are up from €169 ($182) to €690 for the Olympic Games, according to the Paris Tourist Office, with two-thirds of the 160,000 hotel rooms in Greater Paris yet to hit the market. Many of those off-market rooms are being reserved for the Olympic Committee, athletes, organizers and staff.
In November, the Office du Tourisme de Paris sent a message to hoteliers imploring them to make rooms available for all reservation requests.
“Together, let’s get the most out of the Games!” the message said.
So far, that message seems to have fallen on deaf ears.
With approximately 16 million tourists expected to attend the Games, the big question on many people’s lips is will they get a room, and at what price? Over the past few weeks, prices on hotel booking platforms have skyrocketed compared to summer 2023, from double to as much as to 15 times higher.
At luxury hotel Nolinski Paris, close to the Louvre, prices for the duration of the Olympics are approximately €1,500 a night, compared to €1,000 over summer 2023. That rate is double its prices in early winter and more than double the ADR the week following the end of the Olympic Games.
Emmanuel Sauvage, co-founder and managing director of the Evok Collection group of hotels, said hotel rates in Paris might soon drop with increased competition.
“Currently, there are many hotels that are not selling rooms, as they gave a part of their sales to the Games’ organizers, the Olympic Committee, which is going to release them later in December,” he said. “There are going to be lots of rooms on the market. For the time being, we have no idea. … The prices are indicative.”
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