Monaco is synonymous with extravagance, wealth and opulence and the Principality has been a favourite destination of affluent travellers. With new luxury offerings and attractions combined with ancient architecture and a mild climate, it is a perfect travel destination for 2023.

It is the perfect time for Monaco to reinvent itself to attract throngs of new travellers while maintaining the tourism products that returning visitors love. Travel Daily Media has spoken with Guy Antognelli, Director of the Monaco Government Tourist & Convention Authority, about Monaco’s recovery and outlook for this year.

Travel Daily (TD): How was the overall tourism performance of Monaco in 2022? Did it meet predictions for recovery?

Guy Antognelli (GA): The performance was better than expected, on a year basis we reported only a decrease of 9 points of occupancy compared to 2019, essentially due to the decrease in the MICE segment during the first trimester. Room rates were on a rise everywhere in the world, while the average room price exceeded 630 euros in Monaco during the peak season. We are proud to share that the average occupancy rate of the hotels in Monaco exceeded 70% for the months in summer, performing even better than that of 2019! The recovery was particularly strong in the luxury segment for the US and Middle-East markets. The annual occupancy rate reached the level of 55% vs 34% in 2021 and 64% in 2019. RevPAR was on the rise of 65% compared to 2021 and 16% compared to 2019.

TD: The recovery of the Asian markets is clearly underway and outbound travel is on the rise. Which countries are considered as target markets for Monaco?

GA: South East Asia and China are recording three-digit figures increase compared to 2021 but are still far from 2019 level, but we do consider those to be very promising signs and South East Asia and China are priority markets for the near future. For 2023, we are excited about China’s gradual reopening policies, at the same time, we look forward to riding on the strong rebound seen in 2022 from the main markets of South East Asia.

TD: How has the tourism authority been attracting quality tourists to the principality?

GA: The tourism authority partners with Airlines and Consortia of travel agents. The recent presence of Virtuoso and Serandipians in Asia is a strong sign for us to be able to communicate better about Monaco as a luxury destination. Monaco emphasises the excellence of service, hotels and gastronomy. The recognition of the level of safety Monaco offers is a strong asset in the Asian markets, speaking of street safety as of course sanitary safety.

TD: What are the strategies and action plans for Monaco tourism in 2023?

GA: Strategy will first focus on enhancing the knowledge of Monaco for both customers and travel advisors and let them know more about the quality of life you will find in Monaco and why it will be the place to travel in 2023. Firstly, a new tourism campaign in Monaco will be launched early this year. Then, we’re launching the Monaco Star Hub on the Ctrip platform. We will also be exhibiting at some prestigious travel trade shows such as the International Luxury Travel Market (ILTM) in June, as well as ITB Asia in October, both taking place in Singapore this year.

TD: What can Asian travellers expect when they travel to Monaco in 2023?

GA: Monaco is reinventing itself, but keeping its DNA alive. In 2019, we completely refitted the iconic Hotel de Paris Monte-Carlo and the Casino Square. Another iconic Monte-Carlo landmark since the 19th century, the Café de Paris, will be brand new again this summer after a two-year renovation. Generally speaking, all hotels of the Principality are on their way to modernise their offer if it’s not already done. New restaurants with big brand names and accomplished chefs are opening on the Larvotto beach that was wholly redesigned 2 years ago. In fact, you can expect to find in Monaco everything you are looking for. The new Mareterra eco-district is still under construction and will be delivered by 2025, but it has already changed the face of the Principality.

TD: What are the travel trends you are seeing next year and how do you plan to capitalise on them?

GA: Luxury travels are at the top of the market, but I think people are travelling more consciously. The trip has to teach something, it has to transform a person: in fact, it’s not a generic product of consumption anymore. Travel has a meaning and the destination has an essential role to play in adapting and completing the offer. We do speak a lot with our tourism partners in the Principality and explain to our guests what the way of life in Monaco is, and how Monaco is constantly reinventing itself. Not only as a responsible and sustainable tourism destination, but also by ensuring that the next generation can enjoy the same privileges as we have right now.