Hotel rates in Paris for next summer, when thousands of athletes and millions of visitors will be on hand for the 2024 Olympics, are already setting high-jump records, with increases for some rooms up more than three and a half times the normal rates.
And the trend may escalate as city hotels and apartment rentals run out of space. According to one research report, 45% of accommodations for the July/August Olympic period are already booked, against a more usual 3% booked a year ahead. Some operators may be holding rooms off the market for now in hopes of getting even higher rents later.
Sample data shows that Olympic prices for three-star hotels are running about €654 per night compared to a typical €170; four-stars are listing at €910. The lowest percentage increases are in the five-star category, where rates are at about €1535 a night compared to €597.
The Olympic effect is also hitting short-term rental sites such as Airbnb and VRBO, where properties are being offered at an average of around €512 per night vs this summer’s €186 average.
Paris expects about 11 million visitors during the Olympics, a third of whom will be from outside the immediate region. There are about 280,000 rooms available in the region, according to the Paris tourism office.
