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Parisian Hotels Suffer €500K in Tourism Losses Since Terror Attacks

View on Eiffel tower at sunset, Paris, France

The aftermath of the Paris terror attacks is now being measured in dollars, with Europe’s most popular travel destination facing huge losses in hotel bookings.

The November 13 Paris terror attacks cost 130 lives, and now the aftereffects of the strike are being measured through economics. According to a New York Times story published Thursday, hotels have lost more than $530,000, or half a million euros in the first 72 hours after the deadly attacks alone.

The Times reports that Paris’ hotels may be the hardest hit industry in the City of Lights, where 1,600 hotels operate and generate €4.4 billion in revenue per year.

“Right now we are not getting new reservations — we live in times that I have never seen,” said Jean-Bernard Falco, president of the Paris Inn Group, told the Times. “Our country declared war and a state of emergency. But the best message to counter terrorists and fanatics is for tourists to come back to France and Paris to show solidarity for our way of life.”

The Paris Inn Group has a portfolio of 29 five-star and four-star hotels with 1,887 rooms. The group markets all of its hotels under the Book Inn France brand.

Meanwhile, the United Nations climate change conference was scheduled to begin in Paris on November 30 through December 11 with an estimated 40,000 Parisian visitors. The Times reports the French government ordered the conference to be scaled to essential meetings and personnel. More than 200 planned events in conjunction with the conference have been canceled.

“The real question now is if there will be consequences for the Christmas holidays,” said François Navarro, the managing director of the Paris Regional Committee on Tourism, told the Times. “We have had a lot of cancellations from Japanese tourists who are very concerned about security. We hope that business will start to revive by the end of the week.”

[Photo: Getty]

 

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3 Comments
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Sydneyberlin November 26, 2015

I'd personally still travel to Paris as I like this city too much and I'm thinking the worst we can do is to chicken out from those damn Islamists who try to destroy such a wonderful place. At the same time, I think this might help and normalize the outrageously priced hotel properties in this city. It would be nice for a change to not having to pay around twice as much for a hotel room in Paris than, let's say, in Berlin.

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Bikeguy November 22, 2015

I was one that cancelled for last Saturday night. The hotel allowed me to cancel, even though I was past the cancellation time. They said many people were cancelling for that night and cancelling for nights coming up the following week.

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nydave11 November 21, 2015

So let me get my calculator out. They generate 4.4 billion a year and have had a loss of 500,000.They average 12 million a day. so a loss of 500,000 is less than 5% of one days income. Or you could divide the 500,000 by 1,600 properties and say that each one has lost 312 worth of business. I guess I am not understanding this non story.