Monaco’s tourism sector in 2023: Hotel prices hit new record

The number of hotel visitors to Monaco increased slightly last year, according to a new economic report, but the average price that visitors paid hit an all-time high. Cruise ship passenger numbers also increased significantly last year. 

Representatives from Monaco’s tourism sector, Minister of State Pierre Dartout, and Minister for Finance and Economy Pierre-André Chiappori were brought together at the Grimaldi Forum this week to hear the sector’s 2023 performance report published by IMSEE and presented by Guy Antognelli, Director of Tourism and Conventions (DTC).

A flourishing year: 2023 in review

According to the Q4 2023 economic report, there were 340,000 arrivals to Monaco in 2023 – an increase of 17.6% compared to the previous year. Despite a slight decrease in the average length of stay from 2.9 to 2.5 days, the number of rooms occupied rose by 2.3%.

As a result, the occupancy rate climbed to a total of 58.4% in the fourth quarter, which still falls short of its pre-pandemic levels of 65.9%.

The average hotel price, however, did experience a substantial uptick, rising by 3.5% to a record €474, excluding tax and service charges.

A noteworthy shift in tourist demographics was observed during the summer season, with visitors from the United States and the Middle East driving momentum. This shift reshaped the Annual Top three rankings, as the USA ascended to second place, trailing only behind France and surpassing Italy, while the United Kingdom slipped to fourth place.

Cruise ship docked in the port of Monaco
Cruise ship docked in the Port of Monaco. Photo by Monaco Life

The cruise ship sector

Figures show that the number of cruise ships that docked at the Port of Monaco was stable last year compared to 2022. But the average number of passengers per ship rose sharply, with the total number of cruise passengers increasing by 31.5% in 2023.

Overall, the accommodation and food service industry was worth €999 million to the Monegasque economy last year.

Charting the course for 2024

After presenting last year’s encouraging figures, Guy Antognelli outlined the DTC’s strategic agenda for 2024, emphasising a dual approach that aims to intensify commercial efforts in thriving markets while also prioritising the revitalisation of essential but less dynamic markets.

In alignment with Monaco’s commitment to responsible tourism, the ‘Like Nowhere Else’ campaign will continue to be a focal point, bolstered by an ambitious deployment plan. Collaborations with major airlines such as Air France, United Airlines, Lufthansa, China Airlines, and British Airways are slated to amplify the campaign’s reach and impact.


Monaco showcased in Times Square, New York, for ‘Like nowhere else’ campaign


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Photo of the Hôtel de Paris and the Casino de Monte-Carlo by Monaco Life