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Paris hotels already 50% booked for Summer Olympics
Tuesday, 27th February 2024
Source : STR

Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics.

Paris’ highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively.

The only Olympics date currently below 50% is Sunday, 11 August (46.4%), the night of the closing ceremony.
 
Also of note, the Olympics impact is reflected in hotel bookings across the entire Ile-de-France region.

The highest levels are seen on Saturday, 3 August (44.9%) and Sunday, 28 July (43.5%). When looking at the same time last year, bookings for those nights were at just 5.3% and 3.9%, respectively.

Paris room rates are forecasted to jump significantly in July and August, especially across the luxury (+8.7%) and upper upscale (+72.7%) classes. In terms of monthly occupancy levels, August is currently forecasted to surpass last year's comparables by 9.1%, whereas July is projected to fall 0.5% year over year.

As noted in this Paris Olympics analysis, previous renditions of the Summer Olympics have had a far greater impact on average daily rate (ADR) than occupancy.

STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit www.str.com

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