Hotel prices have soared in Beijing since the start of the Olympics as hoteliers benefit from a huge increase in visitors. A review of hotel performance by Deloitte, the business advisory firm, shows that on the opening night of the Olympic Games, revenue per available room (revPAR) in the city’s hotels increased 546% to US$390. Occupancy reached 86.3% while average room rates increased 421% to US$451 (up US$364 on the same day of the year in 2007). The following two nights also saw strong growth in occupancy and average room rates and no doubt more days like this are expected during the remainder of the event.

Commenting, Marvin Rust, Hospitality Managing Partner at Deloitte, said: “This is a fantastic start to the 29th Olympic Games and no doubt hoteliers are celebrating this success. After seven years of planning, and billions of dollars being spent in the city, it is clear that Beijing is already reaping the benefits, not only by putting on a dazzling opening ceremony but also in the city’s hotels. Hoteliers in London will be looking forward to 2012.”

Notes to editor:
All analysis in US$.
Data supplied by STR Global Limited.