MOSCOW, May 23. /TASS/. Prices for accommodations at St. Petersburg hotels are expected to soar by as much as five times during the annual St. Petersburg International Economic Forum (SPIEF) versus the pre-event period, Aleksey Volkov, president of the National Union of the Hospitality Industry, told TASS.

"The difference is from three to five times outside of the SPIEF dates and during [the Forum] dates. Moreover, at the same time the hotel occupancy rate will reach nearly 95%," Volkov said.

The industry expert recommends that tourists steer clear of St. Petersburg while the Forum is in session given the expected price surge and high occupancy rate of accommodations.

"[Tourists should] definitely not [come] during the SPIEF period. Even apartments and guest houses will be occupied," he noted. "We spoke many times with colleagues about this. I believe the situation will have to be regulated over time, because prices are already becoming exorbitant," Volkov said.

SPIEF is Russia’s largest, showcase annual international business and economic gathering; it will be held on June 14-17 this year.