WASHINGTON – 16 May 2024 – Pushed by the Madrid Open and the UEFA Champions League quarterfinals, Madrid’s hotel industry posted double-digit performance growth in April, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
April 2024 (year-over-year % change):
- Occupancy: 79.5% (+6.6%)
- Average daily rate (ADR): EUR184.20 (+16.6%)
- Revenue per available room (RevPAR): EUR146.43 (+24.2%)
The annual, two-week-long Madrid Open commenced late in the month and pushed Madrid’s daily occupancy to as high as 93.4% (Wednesday, 24 April). The market’s second-highest daily occupancy level was recorded on Tuesday, 9 April (92.9%) – the night of the UEFA quarterfinals match between Real Madrid and Manchester City. Overall, the market’s occupancy came in above the 70.0% mark in all but five days in April.
Madrid’s ADR and RevPAR peaked on Saturday, 20 April, at EUR229.37 and EUR208.08, respectively.
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
