city scape of paris which hosts the olympics this year

In just less than 180 days, the city of Paris will ignite the Olympic flame, setting the stage for the world’s most extraordinary sporting spectacles and casting the City of Lights into the global spotlight. It’s a unique opportunity to examine the hotel pricing trends and patterns emerging in the run-up to the Games.

NB: This is an article from Lighthouse (formerly OTA Insight)

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So what is the impact of the 2024 Olympic Games on Paris’s travel & hospitality industry?

Let’s find out.

Paris sees high demand around the Olympics, while market on-the-books picks up

The data is clear: Anticipation for the Olympic Games is very high at this stage. Lighthouse’s forward-looking demand indicators – driven by upper-funnel data points including flight and hotel searches – highlight the surge in interest from the 22nd of July, a trend that continues through the duration of the Games.

Current market occupancy rates, even this far out from the event, are promising. This early interest underscores the importance of the Games and the opportunities they present.

Paris hotel room prices surge during the Olympics

In our previous post, we noted little movement in the luxury segment. However, over the last 30 days, prices for 5-star accommodations have seen substantial increases. The peak price now stands at €1561.11 for July 26th, up 40% from €1117 just 30 days prior.

The prices for 4-star hotels have also increased over the past 30 days, though not as dramatically as for 5-star hotels. The highest price recorded is €746.44 on 2024-08-03, a modest increase from the price of €728.82 30 days ago.

In the case of 3-star hotels, prices have remained relatively stable over the past 30 days, with only a slight increase. However, it’s worth noting that advertised prices during the Olympics average €509 per night for a 3-star hotel, up from €158 during the same period in 2023.

Read the full article at Lighthouse (formerly OTA Insight)