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Istanbul hotel owners jack up prices before IMF, World Bank annual meetings

Many hotels have raised their prices prior to the annual meetings of the International Monetary Fund (IMF) and World Bank, which will be held here between Sept. 30 and Oct. 7, local Daily News reported Friday.

According to the report, hotels currently provide accommodation under what they call “IMF meeting pricing,” which is on average 400 to 900 percent higher than regular prices.

Single rooms cost anywhere between 918 euros (about 1,322 US dollars) and 3,000 euros that week, compared to regular prices that range from 167 euros to 536 euros. (1 euro = 1.44 USD).

istanbul turkey hotelsSome 13,000 people are expected to participate in the event. The tourism agency Visitur, which is responsible for arranging the accommodations for the organizations, said that 6,000 rooms were already reserved in 45 hotels.

The IMF and World Bank will end up footing a bill of 15 million to 20 million euros for the meetings, according to the report.

As Istanbul gets ready for the annual meetings, it seems the metropolitan city may not achieve the high income it was expecting from the event.

Hoteliers and tourism agencies agree that the number of participants may be much lower than expected as very few reservations have been made to date. Read the full story

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