Room rates for 2034 Winter Olympics appear to be 'high'

The group, which is seeking to host a second Winter Olympics in the state by mid-June, had secured 21,000 rooms in the lodging sector for the period of the 2034 Games.

But the rates the Salt Lake City-Utah Games Committee agreed to pay may have exceeded what was anticipated.

A recent report from the International Olympic Committee on the 2034 bid includes details on efforts to secure accommodations for the event. The Salt Lake City-Utah Committee for the Games has accumulated commitments for accommodations across the region, and the IOC report provides limited information on pricing.

According to the report, projected average nightly room rates in 2034 dollars:

• $313 for a two-star property

• $439 for a three-star property

• $762 for a four-star property

• $838 for a five-star property

The report said the dollar amounts were calculated using a formula rather than a fixed maximum room rate. The Salt Lake City-Utah Games Committee has previously said it agreed to pay higher rates as individual properties book more rooms. Rates will ultimately be set by a formula based on the individual properties’ base rate, an inflationary component and the premium based on the number of rooms booked. Actual rates won’t be finalized until 2031.

The report acknowledges that “average expected room rates during the Games appear to be high.”

The anticipated room rates cover the entire Winter Olympic region. It seems likely that the dollar prices for Park City-area lodging options secured by the Salt Lake City-Utah Committee for the Games will be higher than the averages listed for each star rating, as local rates determined by resorts are typically among the highest in the state during the ski season. As of late June, the Salt Lake City-Utah Committee for the Games had secured 740 rooms at six properties in Park City and the Snyderville Basin.

The Salt Lake City-Utah Games Committee continues to seek accommodations for the 24,000 rooms needed for the event. That goal does not include hotel rooms for the public who would come as spectators during the Olympics. The Salt Lake City-Utah Games Committee’s planned room rates, however, could become a sort of marker as lodging establishments without agreements with the committee consider their own rates.

The Park City area would be key to hosting a second Winter Olympics in the state, as was the case for the 2002 Games. Park City Mountain, Deer Valley Resort and Utah Olympic Park are being identified as competition sites, while Park City would also likely be a popular location to celebrate the Games. The number of Games-related activities is expected to drive high demand for lodging in and around Park City as crowds seek proximity to the competitions.

The International Olympic Committee is expected to award the 2034 Games to Salt Lake City on July 24 at a meeting in Paris, on the eve of the opening of the Summer Olympics in the French capital.