This home to the brightest stars has come a long way since the time when the Rock of Monaco served as a shelter for the area’s early Paleolithic inhabitants. Just thinking of Monte-Carlo conjures up images of glamour and opulence –expensive yachts, the Grand Prix of racing, and of course the most sumptuous of luxury hotels. With the opening of the Grimaldi Forum and a push to increase accessibility for families and other tourists, the 700-year-old principality founded by the Grimaldi family is poised to take the lion’s share of business and leisure tourism.
It may not be very big, but what it lacks in terrain, Monte-Carlo makes up for in sheer wealth of everything else. This district of Monaco, created in 1866 and named in honour of Prince Charles III is barely 3 kilometers long. Yet the short span is covered with more expensive cars, properties and resorts per square meter than anywhere else in Europe –and with only about 3,000 national residents in Monte-Carlo, it’s no wonder that practically the entire district is dedicated to the service industry.Though there has been quite a bit recently done to renew and increase the hotel supply in Monte-Carlo, one cannot complain about its hotel figures over the past year. Occupation rates were higher than the previous year for most months, and the average room rate was up in every month except for February. As usual, the month of May, full of events like the Grand Prix and the Cannes Film Festival, and the summer holiday months registered among the best results in terms of RevPAR. Occupancy over the summer months remained well above 80 points, reaching the year’s high in August with 88.5 points. The year finished rather successfully, with a healthy overall increase of 21% in RevPAR, cumulated over the 12 months. Overall, a healthy 2007 for the Principality seems to be leading to an even more positive 2008. The new strategy worked rather well.Monte-Carlo is a top destination for wealthy vacationers, yacht-owners, cruise ship day-trippers, and French and Italian neighbours. With over 300,000 tourists visiting Monaco each year, the principality has an interest in keeping up with the fast-paced tourism industry. Hence the primary goal of the Société des Bains de Mer, (Sea- Bathing Society), an exclusive state-run operation created in 1863 by Prince Charles III. Realising that at the time, Monaco had...
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