WASHINGTON – 12 June 2024 – Tokyo’s hotel industry reported record-high average daily rate (ADR) and revenue per available room (RevPAR) in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
May 2024 (year-over-year % change):
- Occupancy: 78.4% (+4.2%)
- ADR: JPY 37,671.27 (+44.0%)
- RevPAR: JPY 29,529.07 (+50.0%)
According to daily data, Tokyo’s occupancy levels peaked on Saturday, 25 May (89.1%), helped by a number of music events held in Tokyo Dome. The market recorded its highest RevPAR levels on the same night, at JPY 38,913.89. Overall, Tokyo’s occupancy remained above the 70% mark throughout the month apart from five days.
The market’s room rates spiked on Constitution Memorial Day (Friday, 3 May), at JPY 44,743.14; closely followed by Saturday, 4 May (Greenery Day), at JPY 44,038.37.
Apart from events in May, a number of contributing factors, such as a later opening post-pandemic, above-average inflation, and an influx of international demand, also had a significant impact on Tokyo’s ADR and RevPAR increases. A full Japan room rate analysis can be found here.
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