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With just three months to go until the start of the 2024 Paris Olympics, The Independent’s predictions of low hotel prices have been confirmed.
This global sporting event begins in the French capital on July 26th and will continue until August 11th.
Data from hotel market analyst Lighthouse shows the average nightly price was over €800 (£689) in September last year and has continued to fall to less than €500 (£431) today.
In the past 30 days alone, three-star hotel room rates during the Olympics have fallen by 9%. Four-star hotels had a similar impact, falling 8%. However, 5-star luxury properties have maintained their prices slightly higher, with prices falling by 6%.
“Our current market share has remained at around 50% for some time,” a Lighthouse spokesperson said.
Last month, The Independent revealed that Paris tourism officials expected hotel occupancy to be between 60% and 70% during the Games.
Average occupancy rate in July 2023 was 91%.
Paris region tourism director Christophe Ducroux said: “The Paris region has 160,000 rooms, more than London had in 2012, which means we have everything we need to accommodate everyone. “
“What we’re comparing is London in 2012. Hotels in London were initially very expensive, so they had to bring prices down.”
He said occupancy in host cities in 2012 recovered “as soon as prices met the actual demand of customers.”
The New Hotel Saint Lazare, one of the three-star hotels whose prices are tracked by The Independent, is currently offering double rooms on the opening night of the Olympics at €213 (£184), almost double the usual price. Setting. Like a month ago.
Overall hotel room rates in Paris during the Olympics are still 95% higher than during the same period in 2024, according to Lighthouse data.
The highest price for accommodation during the Games will be on 4 August 2024, when the average price for a five-star hotel stay will be €1,566 (approximately £1,349).
