(Yicai) April 22 -- Many hotels near the Shanghai International Circuit were sold out during the Chinese Grand Prix last week and prices jumped as the metropolis hosted the Formula One competition for the first time since 2019. The event attracted unparalleled attention this year with the participation of the first Chinese driver, Zhou Guanyu.

Hotel bookings in Shanghai soared 63 percent from April 18 to April 22, travel platform Trip.com said. And the price of hotel rooms near the circuit had markups of between 40 percent and 70 percent. For example, a suite at the Sheraton Shanghai Jiading Hotel cost CNY4,431 (USD612) a night during the race but just CNY1,516 the day after.

Searches for hotels within five kilometers of the Shanghai International Circuit last week more than doubled compared with the previous week, according to online travel agent Tongcheng.

Searches for F1 are up 78 percent so far this month from a month earlier, Shanghai-based Trip.com said.

The F1 has always brought many visitors to Shanghai and has boosted demand for hospitality, entertainment, transportation, accommodation, and tourism. In 2019, the ATP Masters 1000 Shanghai, the F1 Chinese Grand Prix and the Shanghai International Marathon, contributed over 70 percent of the economic benefits derived from the 12 sports events held in the city that year, the General Administration of Sport of China said on its website.

It is reported that Shanghai plans to hold 175 major sports events at the national or international level this year. A music carnival and the Shanghai Auto Culture Festival also kicked off in the city's Jiading district during the F1 race.

Editor: Kim Taylor