CoStar: Paris hotel bookings pacing above 60% for Summer Olympic period
The 60% range for the event period (26 July – 11 August) is up from 50% three months ago. For context, the weeks leading up to the opening ceremony show occupancy on the books in just the 20% range.
The article CoStar: Paris hotel bookings pacing above 60% for Summer Olympic period first appeared in TravelDailyNews International.
WASHINGTON – Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to CoStar‘s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The 60% range for the event period (26 July – 11 August) is up from 50% three months ago. For context, the weeks leading up to the opening ceremony show occupancy on the books in just the 20% range.
The current highest booking level (63.8%) in the host city is on Saturday, 27 July, the day of 14 gold medal events. Saturday, 3 August, the day of 28 gold medal events, shows the second-highest occupancy on the books (63.1%). At the same time last year, booking levels during the aforementioned dates were just 19.3% and 19.8%, respectively.
Currently, Paris’ lowest occupancy on the books during the Olympics (45.2%) is on the night of the closing ceremony.
“The effect of this megaevent is already evident, with hotel bookings at 50% at the beginning of 2024 and growth of another 10% over the last three months,” said Christina Choueifaty, senior account manager at STR. “The closer we get to the Games, the higher those levels will rise. Paris is also expected to see an increase in July and August room rates, most pronounced across the luxury and upper upscale classes, which are forecasted at increases of 8.7% and 72.7%, respectively.”
The Île-de-France region is also showing significant jumps in occupancy on the books as well, reaching as high as 60.3% on 3 August and as low as 46.1% on 11 August.
The article CoStar: Paris hotel bookings pacing above 60% for Summer Olympic period first appeared in TravelDailyNews International.