'The magnificent seven' hotels see return of the super-rich

Crisis? What crisis? Judging by the flood of super-rich foreign tourists into France this summer, the recession is over, at least for some.

The top Paris hotels have long regarded themselves as a leading indicator of the financial health of the world's estimated 10 million millionaires, and in 2008, after the start of the world banking crisis, they feared the worst as occupancy slumped, with some suites standing empty for days at a time. Even the super-wealthy contented themselves with an "ordinary" room at the Ritz or George V at about €700 (£575) a night.

Bookings recovered only partially last year. But now things appear to be changing. The seven top hotels in Paris – the "magnificent seven" – have been virtually fully booked since the beginning of July at an average room rate of more than €900 a night. Much the same story is reported from the Côte d'Azur and Biarritz.

"July was exceptional. Things could hardly be better," said Didier Le Calvez, director general of the Bristol, a few steps from the Elysées Palace and the Parisian hotel of choice for Middle Eastern princes and Hollywood film stars.

On the other side of the Champs Elysées, the Hotel George V is also chock full with wealthy Russians, Brazilians, Indians and Middle Eastern minor royalty. The hotel's director, Marc-Oliver Raffray, says that all 60 suites – at prices ranging from €13,000 to €3,000 a night – have been booked for the whole summer. The five other five-star hotels in Paris – the Ritz, Crillon, Meurice, Plaza-Athénée and Fouquet's Barrière – report more than 90 per cent occupancy from all over the world.

"Now the economy seems to be booming in Brazil and Asia," said Mr Calvez at the Bristol. "We are also getting lots of American and Australian dollars. Middle Eastern clients are back. It is a special moment when all our markets are buzzing at once."

And although Middle Eastern visitors are thinning out a little, with the beginning of this year's early Ramadan religious festival, wealthy Russians, Indians and Brazilians are taking their places. At Biarritz, at the foot of France's Atlantic coast, the Hotel du Palais, dominating the main beach, is fully booked for August at an average room rent of €500 a night. Jean-Louis Leimbacher, the director general of the hotel, said that 60 per cent of his clients were foreign, the majority of them Russian.

Vanguelis Panayotis, development director at the hotel and leisure group MKG, said that the occupancy rate at top hotels in France was back to pre-crisis levels. France was benefiting, in part, from the relative weakness of the euro against the dollar and other currencies, he said, but there also seemed to be no shortage of money among the elites of Asia (other than Japan), Russia and South America.

The lower reaches of the French tourism market are also enjoying a relative boom this year, after a poor 2009. The fall in the value of the euro has brought back visitors from Britain and the United States. The Germans, Dutch and Belgians are choosing to stay close to home rather than book expensive holidays on the other side of the world. "For them nearer to home means France," said Didier Arino, director of the study group Protourisme.

There had been an increase of up to 10 per cent in European visitors to France this summer, he said. The average price of a hotel room had increased by 10 per cent.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Business Analyst - 12 Month FTC - Entry Level

£23000 - £27000 per annum: Recruitment Genius: A Business Analyst is required ...

Recruitment Genius: Chefs - All Levels

£16000 - £23000 per annum: Recruitment Genius: To succeed, you will need to ha...

Recruitment Genius: Maintenance Engineer

£8 per hour: Recruitment Genius: This is an opportunity to join an award winni...

Recruitment Genius: Telesales Executive & Customer Service - Call Centre Jobs!

£7 - £9 per hour: Recruitment Genius: Are you outgoing? Do you want to work in...

Day In a Page

Isis in Syria: Influential tribal leaders hold secret talks with Western powers and Gulf states over possibility of mobilising against militants

Tribal gathering

Influential clans in Syria have held secret talks with Western powers and Gulf states over the possibility of mobilising against Isis. But they are determined not to be pitted against each other
Gaza, a year on from Operation Protective Edge: A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians

Gaza, a year on from Operation Protective Edge

A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians
10 best trays

Get carried away with 10 best trays

Serve with ceremony on a tray chic carrier
Greece debt crisis: EU 'family' needs to forgive rather than punish an impoverished state

EU 'family' needs to forgive rather than punish an impoverished state

An outbreak of malaria in Greece four years ago helps us understand the crisis, says Robert Fisk
Gaza, a year on from Operation Protective Edge: The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas

Gaza, a year on from Operation Protective Edge

The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas
How to survive electrical storms: What are the chances of being hit by lightning?

Heavy weather

What are the chances of being hit by lightning?
World Bodypainting Festival 2015: Bizarre and brilliant photos celebrate 'the body as art'

World Bodypainting Festival 2015

Bizarre and brilliant photos celebrate 'the body as art'
alt-j: A private jet, a Mercury Prize and Latitude headliners

Don't call us nerds

Craig Mclean meets alt-j - the math-folk act who are flying high
How to find gold: The Californian badlands, digging out crevasses and sifting sludge

How to find gold

Steve Boggan finds himself in the Californian badlands, digging out crevasses and sifting sludge
Singing accents: From Herman's Hermits and David Bowie to Alesha Dixon

Not born in the USA

Lay off Alesha Dixon: songs sound better in US accents, even our national anthem
10 best balsamic vinegars

10 best balsamic vinegars

Drizzle it over salad, enjoy it with ciabatta, marinate vegetables, or use it to add depth to a sauce - this versatile staple is a cook's best friend
Wimbledon 2015: Brief glimpses of the old Venus but Williams sisters' epic wars belong to history

Brief glimpses of the old Venus but Williams sisters' epic wars belong to history

Serena dispatched her elder sister 6-4, 6-3 in eight minutes more than an hour
Greece says 'No': A night of huge celebrations in Athens as voters decisively back Tsipras and his anti-austerity stance in historic referendum

Greece referendum

Greeks say 'No' to austerity and plunge Europe into crisis
Ten years after the 7/7 terror attacks, is Britain an altered state?

7/7 bombings anniversary

Ten years after the terror attacks, is Britain an altered state?
Beautiful evening dresses are some of the loveliest Donatella has created

Versace haute couture review

Beautiful evening dresses are some of the loveliest Donatella has ever created