Sochi hotel rates spike sharply for Olympics

Not only are the Winter Olympics in Sochi, Russia gaining unwanted attention over security concerns and the threat of terrorism, you can now throw in hotels. Hotel prices in the Black Sea resort city have reportedly more than doubled in the run up to the Games, according to a price comparison website and as reported by UK's Telegraph.

Visitors can expect to pay around $270 per person per night at the peak of the games, a whopping 144-percent increase on the average price this month of around $111, according to research by Trivago into 293 hotels in Sochi.

The 22nd Winter Olympics begin with the opening ceremony on February 7. And this reportedly is when prices will be there most affordable at around $225 per person per night, second only to a night's stay on the day of the closing ceremony on February 23, which costs an average of around $207.

It appears that safety concerns are having no bearing on hotel rates. In fact, the rate hikes are greater than that of London hotels before the city hosted the Olympics in 2012.

Denise Bartlett, UK PR manager at Trivago, told the Telegraph that Sochi's hotel prices were similar to other cities around the world but that the percentage increase was especially steep. "The maximum increase during London 2012 was 84 percent, from an average of £185 during July 2011 to £340 during the games," she said. "However, this was when booking three months in advance. Closer to the event, hoteliers dropped their prices to fill up remaining availability and the increase amounted to just 14 percent."

She added that room availability was low in Sochi and it was possible hoteliers realized they were able to reach capacity so last minute price drops are unlikely.

Sochi is preparing to host the most expensive Olympic Games ever—at a cost of about $50 billion. The cost outstrips the $40 billion China is thought to have spent on the Beijing Summer Games, and it's more than three times the cost of London 2012.

According to CNN, 42,000 hotel rooms will be booked and there are expected to be 500,000 total projected spectators.   

In 2012 we learned that Marriott International would open three new hotels in Sochi.

The games run February 7 to 23.