A three-star hotel in central Kiev normally charging 106 euros per night will raise the price to 1,211 euros for the night of the final on July 1, according to tourism website booking.com.
In the semi-final venue of Donetsk, the cheapest hotel charges 215 euros per night.
Price hikes have sparked an emotional reaction from Michel Platini, the president of European football's ruling body UEFA having blasted overcharging hoteliers as "bandits and swindlers" earlier this month.
"I think this will cool the ardour of our hotels," deputy Prime Minister Borys Kolesnikov has said.
"We think demand has yet to peak," said Viktor Denisov, manager of a small Kiev hotel.
"Germans of course want to book everything in advance but Russians will start calling after the holidays [May 1 and May 9] so the boom is yet to come."
In an attempt to salvage Ukraine's image, a group have set up rooms4free.org.ua, a website where travellers and property owners can negotiate free-of-charge accommodation.
"We don't care how many [deals are set up], what matters to us is improving the perception of our country," said organiser Maksim Prodan.
"I am greedy and I am not going to explain anything," said Igor, the owner of a small Kharkiv hostel that will charge 100 euros per night for a double room during the championship, up from 20 euros.
"Take it or leave it."
