WASHINGTON – 6 February 2024 – Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Paris’ highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively.
Also of note, the Olympics impact is reflected in hotel bookings across the entire Ile-de-France region. The highest levels are seen on Saturday, 3 August (44.9%) and Sunday, 28 July (43.5%). When looking at the same time last year, bookings for those nights were at just 5.3% and 3.9%, respectively.
Paris room rates are forecasted to jump significantly in July and August, especially across the luxury (+8.7%) and upper upscale (+72.7%) classes. In terms of monthly occupancy levels, August is currently forecasted to surpass last year’s comparables by 9.1%, whereas July is projected to fall 0.5% year over year.
As noted in this Paris Olympics analysis, previous renditions of the Summer Olympics have had a far greater impact on average daily rate (ADR) than occupancy.
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