Luxury Hotels Skyrocket Prices as Winter Olympics Draw Elite Visitors

During the Winter Olympics in Milan, luxury hotel prices surged, driven by affluent visitors attending the events. The average room rate climbed from 225 euros to 319 euros per night, with five-star hotels seeing an 87% increase. High occupancy contrasted with low demand for short-term rentals.

In Milan, luxury hotels experienced a significant price surge during the Winter Olympics, targeting wealthy visitors, according to a local industry lobby.

From February 6 to 22, Italy hosted the Games, with alpine resorts showcasing mountain sports, while indoor events took place in Milan.

Hotel occupancy soared, unlike sluggish short-term rental demand, as expensive event tickets attracted affluent spectators to the city. The average hotel room price jumped to 319 euros from 225 euros year-over-year, with five-star accommodations seeing an 87% hike, reported Federalberghi Milano.