WASHINGTON – 21 August 2024 – 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, 26 July) at EUR876.26, with the following four nights also registering room rates above EUR800. Room rates stayed above EUR700 for the remainder of the event period. Paris’ previous nightly ADR high (EUR622) 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 EUR765.85.
“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 (3 August, which represented a 43.1% increase year over year. Île-de-France’s highest ADR was posted on opening night (+133.0% to EUR281.90), while the highest RevPAR level in the market was recorded on Thursday, 1 August (+197.5% to EUR219.33).
“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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