Hotel availability squeeze in Baku ahead of COP29
The upcoming COP29 gathering in Baku, Azerbaijan is exerting unprecedented pressure on the hotel market.
Demand for the UN climate summit gas seen hotel rates surge, according to analysis by Lighthouse.
The company says room rates have spiked 379% above the overall average for 2024.
It points to at least 75% of hotels unavailable between November 11-15: and 92% of Baku hotels are not listing rooms on peak day November 13.
This is during the world leaders’ summit on 12-13.
Lighthouse says the average advertised hotel rates are $676 during the week commencing 11 November, which are up 364% compared to the same week in 2023.
It says COP29 surpasses any events in Baku’s recent history.
The UN COP event series has grown from a diplomatic summit to what is now a huge event, with tens of thousands of attendees.
The only events which have come close to this kind of hotel demand are the Europa Final and Formula 1 Grand Prix.
During these events hotel rates merely doubled, while rates during COP29 have almost quadrupled.
Lighthouse offers market insights, business intelligence, and pricing tools for the travel and hospitality industries.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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