The media reported a decline in demand for luxury hotels in London due to the conflict in Iran

London's top-tier hotels have found it difficult to sell the most expensive rooms amid a slowdown in bookings from wealthy clients from the Middle East. This was reported on April 25 by the Financial Times (FT) newspaper

Stefan Zennichsen, managing director of The Langham Hotel, where a suite can cost up to £6,000 per night, said business had "plummeted" over the past two months.

The head of The Beaumont Mayfair, Stuart Procter, noted that the industry is going through "difficult times." It is reported that prices for five-star accommodation in London for the period from March to July decreased by 13% compared to the same period last year.

The meeting of managers of leading London hotels, including Claridge's and The Connaught, discussed the "phenomenal" impact of the conflict, which has severely damaged the economies of Gulf countries such as the UAE and disrupted flights to the region.

"Many of my colleagues, and we ourselves, depend on [visitors from] the UAE coming to the city," Stuart Procter emphasized.

Luxury tourism consultant Paul Charles added that the decline in the number of Middle Eastern clients "is starting to undermine the business model of the best hotels." Luxury retailers are experiencing similar problems.

According to the publication, LVMH, Kering and Hermès indicated in their recent earnings reports that the conflict had undermined sales in the Middle East. The head of LVMH, Bernard Arnault, said at the company's annual meeting that the restoration of the luxury market depends on the early end of the conflict, which, according to him, could escalate into a "global catastrophe."

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On April 8, The Guardian newspaper reported on the influx of Britons from the UAE to Milan due to the conflict in the Middle East. According to the Italian unified tax regime, foreign residents can pay €300,000 (£259,620) per year from all income abroad, which makes a small difference for rich people.