Our association participates in the Resilience Working Group of the T4T Committee of the EU Commission. Under the leadership of Vangelis Panayotis, the head of this working group, the tourism research company MKG carried out a survey on the Paris Olympics. In the Greater Paris region, there are around 280,000 rooms available every day to accommodate visitors. Less than a year before the 2024 Olympic Games, hotel rates in Paris have risen to more than 3.5 times the normal summer rates. Travellers can expect to pay around USD 685 per night for a three-star hotel, significantly higher than the usual price of around USD 178 in July. Prices for four-star hotels have risen even more steeply, reaching USD 953 during the Olympic period, compared to the usual USD 266. The price increase coincides with the Olympic Games, which will run from 26 July to 11 August. Five-star hotels in Paris are asking for $1607 per night for the 2024 Olympics, significantly higher than the usual price of $625 in July. This price hike means that for the same price, travellers can now get a smaller room at the more modest Hotel Mogador than they would for a room with a view of the Eiffel Tower at the five-star Demeure Montaigne. The city of Paris is expecting more than 11 million visitors during the 2024 Olympics, 3.3 million of whom will come from outside the Paris region or internationally. The increased demand for accommodation will have an impact on rental platforms such as Airbnb and Vrbo. The average daily rate in Paris during the Olympics is $536, almost triple the $195 seen last summer, according to data from short-term rental provider AirDNA. Room reservations for the 2024 Paris Olympics are filling up fast, with 45% of rooms already booked. This is a significant departure from the usual scenario where only 3% of rooms are booked a year in advance. Some hotels in Paris are adopting the strategy of not booking all their rooms for the 2024 Olympics, and aiming to sell them at a higher rate closer to the opening ceremony.
