Key Highlights:
- Over 11 million people will visit Paris during the 2024 Olympic Games
- 45% of hotels in the greater Paris region are already booked
- Hotel prices are up for both three-star (384%) and four-star hotels (358%)
- Airbnb and Vrbo prices have also skyrocketed by 275% compared to this past summer
Paris is set to host the 2024 Summer Olympic Games and prices have already started to skyrocket in anticipation of influx of tourists headed to France next year.
A spokesperson from Expedia commented on the situation, recommending that travelers should “secure their hotels before availability becomes limited”.
However, the expert advice might be a little too late for the public.
According to Bloomberg Business, nearly 45 percent of the 280,000 hotel rooms in the greater Paris region have already been booked. Normally, only three percent of rooms are booked a year in advance.
Hotel prices are also on the rise with more affordable options commanding rates typically reserved for luxury, five-star hotels.
Some hotels may also be leaving some rooms unlisted in hopes of selling them at an even higher price ahead of the opening ceremonies, meaning options may already be limited.
Paris Hotel Prices Jump By Over 350% For 2024 Olympic Games
Hotel prices are already up more than 350 percent with the cost for an average three-star hotel set at $685 per night compared to $178 for a typical July stay, according to data from Google. Meanwhile, four-star hotels will cost about $953 per night compared to $266 for a typical night in July.
On the other hand, five-star hotels are seeing small price hikes with rates of $1,607 per night compared to $625 for a typical July stay.
Even with booking and hotel prices on the rise, MKG Chief Executive Officer Vanguelis Panayotis told Bloomberg Business that hotels could be in a difficult position, especially if they feel that rates for delegations, which were negotiated years ago with the Olympic committee, do not account for the current rise in inflation.
“That’s put hotels in a tough spot, and it might push them to make up for it by trying to set higher prices later for the public,” Panayotis said.
Prices for Airbnb and Vrbo Are Also On The Rise
Tourists expecting to save money by renting a vacation home on Airbnb and Vrbo might be disappointed to find prices have already spiked for stays around the Olympic Games.
According to short-term rental data provider AirDNA, the demand for vacation rentals like Airbnb and Vrbo have also seen a significant increase with prices up nearly 275% compared to rates for the same period this past summer.
The average daily rate in Paris during the Olympics is approximately $536 before cleaning fees, up from $195 last July.
When Is The Paris 2024 Summer Olympics?
Paris 2024 will take place from July 26th to August 11th, 2024 with competitions for Rugby and Handball beginning on July 24th and 25th, respectively. In just over three weeks, 206 nations will compete in a total of 329 events in 32 sports.
Nearly 10 million tickets will be sold for the 2024 Summer Olympics, along with around 3.4 million tickets for the Paralympics.
With more than 11 million tourists expected to visit Paris for the Olympics, hotels will be looking to cash in on the influx of tourists headed to the City of Light.
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