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When it comes to the Olympic Games, historically hotels raise rates because of a little something called supply and demand. We witnessed this in London this past summer. For the next Olympics, we might see reasonable rates coming from Sochi hotels during the 2014 Winter Games.
To make event accessible to more people, Dmitry Medvedev, the Russian Prime Minister, has capped the prices of rooms for the host city for next year's Olympics and Paralympics. With just about one year to go and about double the amount of rooms yet to be built, this is welcome news for those who want to join in the wonderment that is the Games.
In the past, hotels have charged as much as 157,000 RUB ($5,139 USD) for a one night stay, the new reduced prices are roughly 30-40% less than room rates during the port city's peak periods. A deluxe suite in a 5-star hotel will be no more than 13,896 RUB ($455 USD per night) and in 4-star properties the price will come in less than 13,148 RUB ($430) per night.