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.
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% (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 EUR229.37 and EUR208.08, respectively.
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
