That comes around 440 Pounds per head, Adjusted for parity w.r.t my economy it is roughly 15K Indian Rupees which is the cost of a good venue here in Bangalore. Mind you accommodation  alone might be cheaper but here we pay for the conference rooms, dining halls etc. 

What is it like where you live would you try to check with some actual data?

https://data.oecd.org/conversion/purchasing-power-parities-ppp.htm

Here is the link to an organisation that provides PPP data.

I agree with most of your views but actually ended up making a foolish conversion error on my part. The new values would make more sense?

Actually I tried to mention that I was not commenting on the ethics of the purchase just the economics as an organisation in the title but maybe that wasn't good enough?

I also very foolishly made a mistake as we use 1 Lakh here instead of 100K. The new values would further make the arguments stronger.