Is Milan going to see a jump in hotel prices for the 2026 Winter Olympics?

The upcoming 2026 Winter Olympics will bring a blizzard of attention to the North of Italy, centered on the main host city of Milan, causing noticeable pricing increases. 

However, are some locations and segments not making the most of their pricing power and could rates go even further upwards? 

We dive into the data to see how demand is developing and how rates have changed so far.

Key takeaways

• Milan prices double: Average room rates have surged 103% YoY to €481, peaking at €516 during the middle week of the Games.

• Luxury sector correction: After a slow start, 5-star hotels are now aggressively hiking rates by 38% month-on-month to match demand.

• Missed opportunity in Venice: Despite a 66% demand spike (Olympics + Carnival), Venice prices are only up 5%, suggesting significant underpricing.

• Strong occupancy: Milan is already 67% booked for peak dates, indicating hoteliers have leverage to raise prices further.

• Verona’s closing bump: Prices in Verona are up 37% YoY (max €231), driven largely by the closing ceremony.

Hotel room prices more than double in Milan, but what about other venues nearby? 

The 2026 Winter Olympics are going to be held across numerous venues spread across the North of Italy, moving outwards from the opening ceremony in Milan on February 2, to the Dolomites north of Venice and ending at the closing ceremony in Verona on February 22. 

That is naturally helping hotel room rates throughout the region to head upwards during the weeks of the Olympics, with Milanese properties the clear winner. 

In the middle week of the Winter Olympics, room prices in Milan hit an average of €516, while across the three weeks overall, advertised prices for a standard hotel room sit at €481 at the time of writing. 

That represents a 103% Year-on-Year (YoY) change compared to those same weeks in 2025. 

However, those of you who have visited Milan will know the city center is lacking in suitable downhill ski courses and so there are ‘clusters’ of venues north of Verona and Venice for sports such as luge and cross-country skiing. 

Aside from the closing ceremony in Verona these two cities are not directly hosting any events though and will be more transition points for those heading towards venues. It therefore follows that there are much more limited gains in these two cities. 

Prices in Verona peak on the final week during the closing ceremony, peaking at €231, leading to 37% average YoY gains across the Olympics, while Venice also has its annual Carnival in February, leading to rates maxing out at €359 in the second week of February, but much more limited 5% YoY gains when averaged out across the three weeks. 

Similarly, there is disparity in what segments of the market have been most reactive to the potential demand so far, with the top end of the hotel market in Milan experiencing slower room rate growth so far.

Comparing hotel rates across Q1 reveals that three- and four-star hotels are expected to see their room prices double during the Winter Olympics.

While five-star hotels naturally command a much higher absolute price - with a daily average high of €1,552 on February 20 - the relative increase has been less drastic so far.

These luxury hotels are seeing prices nearly two-thirds higher than the surrounding dates in Q1, suggesting they are implementing different pricing patterns and strategies.

Is Milan’s hotel demand curve curling upwards?

Evidence suggests hoteliers could adopt a more aggressive pricing approach, particularly for luxury rooms, where rates are now adjusting upwards at a rapid pace.

Using our daily demand indicator index, which is a composite of different elements like searches, occupancy and unavailable hotels, we can see an excellent demand picture across all three cities.

Compared to last year, demand indicators in Milan are 114% higher for the opening ceremony and rise to +171% in the middle of the Olympics on February 15.

Demand levels were already largely rising at the time of writing, as more potential visitors considered transport and accommodation to the region, reflected by expanding search volumes for flights and hotels.

Demand levels in Verona are less spectacular throughout, but do hit +129% for the closing ceremony.

However, it is in Venice where there is the biggest mismatch among hotel pricing and demand levels. Demand is up by a third overall throughout the period of the Winter Olympics, but is two thirds higher on February 15, when Carnival coincides with the Olympics, but prices are not matching this positive trajectory.

Hotel occupancy figures, which are included in our daily demand index when available, similarly present a strong position for accommodation providers.

In Milan, most hotels have inventory available for sale, but two thirds of rooms have been sold with three months to go at the time of writing.

Around a third of hotels are listed as unavailable (meaning they have sold out or have inventory restrictions) and on-the-books reservations account for 65% of inventory during the opening ceremony and remain at this level largely throughout the Olympics, hitting a peak of 67% on February 13.

It is also worth noting that there is also elevated demand in Milan and Verona for the Paralympics, which are being held from March 6 to 15. During this period, YoY demand is up by around a fifth on average in both cities, but pricing is more closely matched to demand patterns for this subsequent event.

How are high-end hotels reacting to underpricing in Milan?

This means that there is unharvested potential in these Italian cities during the Winter Olympics.

Hotels appear to be realizing that there is enough demand to raise rates even further, especially at the top-end of the market, where room rates have not risen to the same degree in three- and four-star hotels.

Comparing month-on-month growth in prices from September to October shows that five-star prices in Milan had been raised by double digits throughout most of the Winter Olympics, with 38% growth in the space of just one month on October 5 - the night before the opening ceremony.

This compares to average 6% and 2% jumps above the preceding month for four- and three- star hotels across the three weeks, respectively.

There is a similar pattern, although by a smaller degree, in Venice, where hotels appear to be only just awakening to the overall demand potential for Carnival and the Winter Olympics.

Five-star hotels are moving rates upwards throughout this key period to a higher degree than three- and four-star properties, raising them by up to 18% month-on-month on February 14.

Maximize your event revenue with data-driven demand forecasting and room pricing

The data therefore paints a picture of robust demand that is expanding as we head closer to the event, potentially supporting strong pricing growth across North East Italy that revenue managers are now racing to keep up with, especially in markets outside Milan.

While competitive pressures are also key considerations for revenue managers, there are clear advantages from being at the forefront of a rapidly evolving and dynamic market like this.

Demand signals are showing that there is room to support a higher pricing floor across the majority of dates in these impacted cities, particularly in five-star hotels in Milan and in Venice. Hoteliers that identify and act on these signals first will maximize their revenue potential and prevent leaving cash on the table by being at the forefront of price increases.

With strong occupancy and escalating demand, the 2026 Winter Olympic market means that revenue managers need to stay at the forefront of price increases.

Those who harness live market intelligence will maximize revenue potential throughout North East Italy.

Explore how Lighthouse’s market intelligence platform, powered by the industry’s best data can guide your strategy over critical periods of high demand.