The 29th Conference of the Parties (COP29) drove Baku’s hotel average daily rate (ADR) and revenue per available room (RevPAR) to record-high levels. 

The market’s performance peaked on the first night of the conference (11 November) with ADR up 1,263.2% year over year to AZN 2,256.69. RevPAR that night grew 2,980.4% to AZN 1,981.39. Both metrics remained above AZN 1,000 throughout the entire conference period, as this was the first time in history that Baku posted four-figure hotel room rates.

Occupancy topped out on 13 November (+104.6% to 90.2%). 

“The United Nations Climate Change Conference has once again proven to be a winner for host cities,” said Thomas Emanuel, STR’s regional director for Europe. “In recent years, Dubai, Sharm El Sheikh and Glasgow have all benefitted from the influx of attendees.”

Baku hotels posted record high ADR and RevPAR during COP29
Occupancy, ADR & RevPAR (local currency), 1 October-24 November 2024

“It is especially noticeable how the first few days of the conference drove occupancy and ADR. COP is a prestigious event and always attracts a multitude of dignitaries, as we saw in Baku,” Emanuel said. “There is no doubt that the COP30 host city, Belem in Brazil, will enjoy similar success.”

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