Madrid hotels post highest ADR and RevPAR on record in October
Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
October 2023 (year-over-year % change):
- Occupancy: 81.9% (+2.0%)
- Average daily rate (ADR): EUR204.35 (+23.1%)
- Revenue per available room (RevPAR): EUR167.26 (+25.6%)
The market’s occupancy level was the highest for any month since October 2019.
According to the daily data, Madrid saw the highest occupancy levels on Tuesday, 3 October and Wednesday, 4 October (both at 95.5%), helped by Fruit Attraction 2023 (held 3-5 October). The market also hosted the ESMO Congress from 20-24 October, during which the daily occupancy levels peaked on Saturday, 21 October, at 91.0%.For more information about the company and its products and services, please visit www.costargroup.com.