Slow Spring performance for Paris luxury hotels
Following the Charlie Hebdo events but also given the Russian economic crisis and turmoil in the Middle East, less wealthy travelers have visited Paris this Spring. Parisian luxury hotels are seeing slower Spring performance according to a survey by CPP-LUXURY.COM. Occupancy rates have dropped by an average of 10 percent compared to the same period last year. Some luxury Parisian hotels have multiplied accommodation and Food&Beverage promotions, lowering rates by as much as 15%.
Also contributing to the slower performance of luxury hotels in Paris is the oversupply of luxury hotels, with the addition of the Peninsula Hotel and the reopening of the Plaza Athenee last year. Three other smaller luxury hotels opened late 2014 – early 2015. Later this year, the Paris luxury hotel market will see the addition of the newly renovated Ritz Hotel.