Sporting events elevated Madrid hotel performance in April
Madrid's hotel sector experienced significant growth in April 2024, driven by the Madrid Open and the UEFA Champions League quarterfinals. Data shows a 6.6% increase in occupancy and a 16.6% rise in average daily rates, leading to a 24.2% jump in revenue per available room (RevPAR).
The article Sporting events elevated Madrid hotel performance in April first appeared in TravelDailyNews International.
WASHINGTON – 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): 184.20 euros (+16.6%)
- Revenue per available room (RevPAR): 146.43 euros (+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 229.37 euros and 208.08 euros, respectively.
The article Sporting events elevated Madrid hotel performance in April first appeared in TravelDailyNews International.