The Summer Olympic Games drove Paris hotel average daily rate (ADR) to an all-time high, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
The highest ADR was seen on opening night (Friday, July 26) at €876.26, with the following four nights also registering room rates above €800. Room rates stayed above €700 for the remainder of the event period. Paris’ previous nightly ADR high (€622) was seen in June 2023.
Revenue per available room (RevPAR) also reached a record high on the night of the opening ceremony with a 179.3% increase to €765.85.
“Paris hotels saw a year-over-year room rate increase of 141% and RevPAR growth of 200% during the Olympic event period,” said Samantha Mardkhah, STR’s regional manager for Southern and Western Europe. “For comparison, ADR and RevPAR growth easily surpassed what was seen during the 2012 Olympics in London. At the same time, occupancy grew 24.1% in Paris, which was a lower increase than what was produced in London. This was expected, however, due to displaced ‘normal’ demand — such as inbound international arrivals, domestic travel and group business.”
The Olympics had a significant impact on the Île-de-France region as well. Similar to Paris, the region saw its highest daily occupancy level (79.7%) on the night of 28 gold medal events (Aug. 3, which represented a 43.1% increase year over year. Île-de-France’s highest ADR was posted on opening night (+133.0% to €281.90), while the highest RevPAR level in the market was recorded on Thursday, Aug. 1 (+197.5% to €219.33).
“In hindsight, the anticipated panic that Paris would be overcrowded throughout the Olympics quickly faded, perhaps in favour of other French markets, such as Marseille, which saw occupancy levels reach as high as 83%,” Mardkhah said. “Lille saw an 82% lift in occupancy, averaging at 70% during the Olympic period, which drove a 147% increase in RevPAR. We are now looking towards the Paralympics, with Paris hotel bookings currently running at an average of 49.7%.”
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About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.