Less than three months before the start of the 2024 Olympic Games in Paris, the The Independent was confirmed.
The global sporting event begins on July 26 in the French capital and lasts until August 11.
Data from hotel market analyst Lighthouse shows a continuous reduction in overnight prices from an average of over 800 euros (689 pounds) last September to currently under 500 euros (431 pounds).
In the last 30 days alone, prices for three-star hotels have fallen by 9 percent during the Olympics. Prices for four-star hotels have fallen by 8 percent over the same period. However, prices for five-star luxury hotels have held up a little better, falling by 6 percent.
A Lighthouse spokesman said: “Current market occupancy remains at around 50 percent, as it has been for some time.”
Last month The Independent announced that senior tourism officials in Paris expect hotel occupancy to be between 60 and 70 percent during the Games.
In July 2023, the average occupancy rate was 91 percent.
Christophe Decloux, Director General of Tourism for the Paris region, said: “We have 160,000 rooms in the Paris region – that’s more than London had in 2012. So we have everything we need to accommodate everyone.”
“For comparison: London in 2012 – at that time, hotels in London were very expensive at the beginning and prices had to be reduced.”
He said occupancy rates in the 2012 host city recovered “as soon as prices matched actual customer demand.”
A three-star hotel whose prices are tracked by The Independentthe New Hotel St-Lazare, is currently charging 213 euros (184 pounds) for double rooms on the opening night of the Games, about double the usual price – and the same as a month ago.
Overall, hotel prices in Paris during the Olympics are still 95 percent higher than they will be at the same time in 2024, according to data from Lighthouse.
The most expensive date to stay during the Games is August 4, 2024. On that day, a five-star hotel room will cost an average of €1,566 (£1,349).
