With the Olympics underway in Paris, hotel operators made a final push to lure last-minute travellers, lowering prices and dropping minimum stay requirements after some people balked at what they saw as price-gouging prior to the games.
The Paris Tourist office said Monday that average hotel prices during the games have fallen to 258 euros per night — down from 342 euros earlier in the summer, which at that time represented a 70 per cent increase from the average 202 euro price in July 2023.
Travel agents say people may encounter discounts ranging from 10 per cent to as much as 70 per cent as operators offer deals after demand for the Games fell below expectations due to high prices and security concerns.
"The hospitality industry in France and worldwide has undoubtedly been taught a lesson against price-gouging when looking to capitalize on major events," said Tim Hentschel, CEO of Hotel Planner, a travel booking website that powers reservations for 1.4 million properties globally.
Hotel Planner said it is seeing a drop of as much as 66 per cent in average hotel prices for four-star hotels in Paris through early August.
In July, France-based hotel operator Accor ACCP.PA revised its expected gains from the Olympics, having previously forecast a two per cent increase in revenue per available room in France during the Games.
"That's no longer the case," Accor Chief Executive Sebastien Bazin said on an earnings call. However, he said occupancy and pricing remain better than the 80 per cent occupancy rate across other Accor hotels.
Some hotels have dropped restrictions, including arrival dates and length of stay requirements, to attract last-minute travellers, according to travel agents.
"The rules have dropped but the prices not so much," said Neil Kurman, Protravel International travel agent, a luxury travel agency. Five-star hotels like Le Royal Monceau Raffles are still charging close to 3,000 euros per night during the games, he said.
Accor may see a 0.5 per cent uptick in room revenue if travellers flock to the city in the months following the Olympics, Accor's Bazin said, but the company's outlook remains conservative.
(Reporting by Doyinsola Oladipo in New York; Editing by David Gaffen and David Holmes)
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