With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
A growth trajectory in occupancy on the books has accelerated in recent months, as levels were pacing just above 60% in April and at roughly 50% in February.
As of June 17, occupancy on the books is peaking at 77.8% on Saturday, July 27, the night of 14 gold medal events. Opening night is a close second with occupancy on the books at 77.7% for Friday, July 26.
When compared to the same time last year, Paris’ booking levels for those nights were at 47.7% and 47.5%, respectively.
The lowest occupancy on the books for this year’s Olympic period (59.8%) is currently on Sunday, August 11, the last night of competition.
“While the Olympics are expected to bring a surge in leisure travel, there does seem to be a shift in business travel patterns leading up to the games,” said Christina Choueifaty, senior account manager at STR. “However, the lower demand we’re seeing for the early summer months can be seen as a temporary adjustment. This dip in travel in the short term is allowing Paris to focus on catering to the massive influx of leisure travelers visiting the market next month. In the long run, the Olympics will further solidify the city's position as a major tourist destination, potentially attracting even more demand in the future.”
The impact of the Olympics is also reflected in the booking levels across the Île-de-France region, with the highest occupancy on the books (75.1%) on Saturday, August 3, the night of 28 gold medal events. Like Paris, the lowest occupancy on the books (58.9%) for Île-de-France is seen on Sunday, August 11.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
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.