madrid hotel performance
Madrid Market Pulse 2024 – Smashing the Rate Ceiling
Cassandre Pene | August 7, 2024
As the capital of Spain, Madrid holds a prominent position as a cultural, economic and political hub in Europe. Its rich history, vibrant arts scene, world-renowned culinary offerings as well as its many corporate head offices and financial institutions attract a diverse range of visitors, including both leisure travellers and business professionals. Additionally, Madrid's strategic location within Spain and its well-connected transportation infrastructure, including its international airport and high-speed rail services, facilitate easy access for both domestic and international travellers. The city's tourism sector, which was heavily impact...
Sporting Events Elevated Madrid Hotel Performance in April
CoStar Group | May 16, 2024
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% (Wednesd...
Madrid Hotels Post Highest ADR and RevPAR on Record in October
CoStar Group | November 14, 2023
WASHINGTON – 14 November 2023 – Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. October 2023 (year-over-year % change): Occupancy: 81.9% (+2.0%) Average daily rate (ADR): EUR204.35 (+23.1%) Revenue per available room (RevPAR): EUR167.26 (+25.6%) The market’s occupancy level was the highest for any month since October 2019. According to the daily data, Madrid saw...
Madrid vs. Barcelona: Competition for Tourism and Hotel Demand
STR | April 17, 2023
Madrid and Barcelona are in an intense competition to attract travelers to their hotels. Madrid, the landlocked Spanish capital, is a popular business and MICE (Meetings, Incentives, Conferences, and Exhibitions) destination, while Barcelona is a coastal city known for its beaches and is the capital of Catalonia. Before the pandemic, Barcelona suffered from overtourism, while Madrid is trying to attract more tourists. Both cities rely heavily on event and MICE-driven demand, which is evident in their occupancy index. Barcelona's occupancy recovery has generally outpaced Madrid's, but not by much. Madrid, on the other hand, has be...
STR: Madrid Hotel Industry Reported Higher Performance in February
STR | March 17, 2023
LONDON – Aligned with historical trends for the market, Madrid’s hotel industry reported higher performance from the month prior, according to preliminary February 2023 data from STR. Occupancy: 64.5% Average daily rate (ADR): EUR127.89 Revenue per available room (RevPAR): EUR82.50 The market’s ADR and RevPAR levels surpassed the 2019 comparables, +26.0% and +10.2%, respectively, while occupancy remained lower than the pre-pandemic comparable (-12.5%). Daily data shows Wednesday, 22 February (81.7%) and Saturday, 25 February (85.4%) as the only two days of the month with occupancy above the 80% mark, helped by ARCO M...
