Five-star hotels lead price increases in Milan during Winter Olympics

[MILAN] Luxury hotels led a sharp rise in Milan room rates during the Winter Olympics, a local industry lobby said on Wednesday (Feb 25), confirming that visitors to the Games skewed towards big spenders.

Italy hosted the Winter Games from Feb 6 to 22.

While Alpine resorts such as Cortina d’Ampezzo and Bormio were home to the mountain sports, indoor activities such as figure and speed skating or ice hockey took place in Milan.

High hotel occupancy in the city contrasted with weak demand for short-term rentals.

Ticket prices running into several hundred euros put the events out of reach for many, filling the ice arenas with deep-pocketed spectators.

The average price of a hotel room in Milan rose to 319 euros (S$476) per night between Feb 3 and 23, up from 225 euros in the same period last year, industry association Federalberghi Milano said.

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Five-star hotels recorded the steepest increase, with average rates 87 per cent higher than in 2025, while prices rose 46 per cent for four-star properties and about 20 per cent for three-star hotels.

Rates peaked between Feb 11 and 14, the association said. REUTERS