The co-founder of the Web Summit, Paddy Cosgrave, expressed concerns on social media regarding the surge in hotel prices in Lisbon coinciding with the technology summit, which commenced on Monday in Lisbon. Hotel representatives argue that the price increase is driven by market demand.
Paddy Cosgrave stated on the social network X that during the Web Summit, “some hotels in Lisbon increased prices by more than 100% compared to the previous week,” and noted instances where rates surged by 500% due to the summit. He accused hotel groups in the capital of “greed” during the event.
Cristina Siza Vieira, CEO of the Hospitality Association in Portugal, countered in an interview with SIC Notícias, stating that it’s the law of supply and demand at play: “In times of very intense demand, prices increase drastically, and some rise significantly. This is natural. If there is demand for it, why not take advantage?”
The Web Summit kicked off today in Lisbon, featuring over 900 speakers and more than 70,000 participants, according to organizers, with a spotlight on artificial intelligence (AI).
This year marks the 9th edition of the technology summit held in the Portuguese capital, expecting over 70,000 attendees and more than 2,500 startups showcasing their products and services alongside over 1,000 investors.
This year’s Web Summit includes a redesigned pavilion 5 to accommodate stages and investor spaces, according to organizers, while the CEO criticized the high hotel prices in Lisbon.
The event, which runs until November 13, anticipates “more than 900 speakers gathered in Lisbon.”
Key topics for this year include vibe coding, which utilizes AI to generate code, discussing if it’s the next big leap or the end of programming, and the question of who controls AI and who benefits.
As AI models are trained with online content, competition for access and profit escalates, the Web Summit notes.
Other highlighted themes include governments in the AI era, China’s silent influence on global innovation, data centers, and emerging energy demands.
Meo returns as the technological partner and sponsor for the Web Summit, providing fixed, mobile, and Wi-Fi coverage.
The summit opens with the customary “Opening Night,” attended by the Minister for Adjunct and State Reform, Gonçalo Matias, the Mayor of Lisbon, Carlos Moedas, and renowned tennis player Maria Sharapova, among others.
In 2024, the Lisbon Web Summit recorded a historic attendance of 71,528 participants from 153 countries.
The summit first launched in the Portuguese capital in 2016, with its presence secured in Lisbon until 2028.
