Few bargains come wrapped with the St Moritz name, and accommodation is no exception: prices are high across the board, and during the winter season they go stratospheric. The campsite – Olympiaschanze – is about 1km southwest of Bad (081/833 40 90; June–Sept), and there’s a modern, good quality HI hostel, the Stille, at Via Surpunt 60 in Bad (081/833 39 69, fax 833 80 46), with dorm beds, including obligatory half board, costing a moritzy Fr.43 (bike rental available). There are dozens of hotels scattered through Dorf and Bad, virtually all of which are closed in the April and November between-seasons.

Badrutt’s Palace, Via Serlas 27, Dorf (081/837 10 00, fax 837 29 99,palace@palace-st-moritz.ch, www.palace-st-moritz.ch). Legendary five-star palace that started the whole St Moritz tale back in 1864, when Johannes Badrutt lay down a challenge to a party of English summer regulars: spend a winter here, he said, and I’ll foot the bill. They came, then their friends came the year after, and since then Badrutt has been quids in. These days, unless you’re willing to toss zeros around like confetti, you probably won’t even get past the flunkey on the door: men must wear a jacket and tie just to stand in the lobby. If you do get in, make the most of it – this is the haunt of filmstars, princesses (real and wannabe) and more fur than you’ll find walking around in the forest. You’d like a room in Christmas week? That’ll be Fr.1700.

Bellaval, Via Grevas 55, Dorf (081/833 32 45, fax 833 04 06). The cheapest rooms in Dorf, right beside the station, spartan and not especially well taken care of.

Bernina, Via dal Bagn 5, Bad (081/833 60 22, fax 833 19 40). Quality low-end option that avoids excessive winter price-hikes and has a range of shared-bath and en-suite rooms – all of them small, but then so are the prices (relatively speaking).

Languard, Via Veglia 14, Dorf (081/833 31 37, fax 833 45 46, languard@bluewin.ch). Comfortable, friendly little family hotel in the middle of Dorf that keeps a tighter lid on its winter surcharges than its near neighbours. c.

National, Via da l’Ova Cotschna 1, Bad (081/833 32 74, fax 833 32 75; mid-June to mid-Oct only). Well out of the crush, behind the Bad post office, with serviceable – and affordable – en-suite and shared-bath rooms.

Nolda, Via Crasta 3, Bad (081/833 05 75, fax 833 87 51, info@nolda.ch, www.nolda.ch). Pleasant enough pack-’em-in hotel next to the Signal cable-car, with pine-clad rooms that do the job.

Sporthotel Stille, beside the hostel in Bad (081/833 69 48, fax 833 07 08). Popular with skiers and snowboarders, who crowd out its no-frills rooms.

Steffani, Plazza da la Posta Veglia 1, Dorf (081/832 21 01, fax 833 40 97). Comfortable, business-class hotel on the central square, with a few airs and graces but efficient and welcoming.

Waldhaus am See, Via Dim Lej 6, Dorf (081/833 76 76, fax 833 88 77). Big, quiet lodge offering inoffensive, renovated rooms overlooking the lake below Dorf, with discount rates for weekly stays.