The cost of a room at the Ritz-Carlton, the most expensive hotel in the world, is expected to soar this year as the hotel’s occupancy rate rises.
The hotel has a occupancy rate of 9.9% for the year ending March, up from 9.5% in the year-ago period, according to research firm Euromonitor.
That means a hotel room could be as much as $1 million per person, according the company.
Ritz-Marie is the first hotel to have a room rate increase in more than a decade, according to Euromonitor’s analysis.
Rising hotel room prices mean a host of other hotel properties are likely to see increases this year.
The company said hotel occupancy rates rose by 2.5 percentage points for properties owned by Marriott, a 7.5 point increase for the Holiday Inn and a 7% increase for Hyatt, a hotel owned by Citi.
Hotel occupancy rates at the Holiday and Marriott properties fell for the first time in six years.
Hotel rates at Hyatt properties rose by 8.4% for 2017, up slightly from a 6.7% increase in 2016.
Hyatt’s occupancy rates are expected to increase by a further 1.5 points this year, to 8.3%, according to Euromonitors.
Hotels and Resorts International has seen a 12% jump in room rates since the start of the year, and has seen an 18% jump since the end of January.
The majority of these increases have come in the first two quarters of 2019, according Toeppen.
The company is planning to raise rates by another 20 basis points this summer, according its quarterly report.