May events pushed Berlin hotel performance
Helped by a number of events, Berlin hotels saw improved performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Helped by a number of events, Berlin hotels saw improved performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
May 2024 (year-over-year % change):
- Occupancy: 78.8% (+2.6%)
- Average daily rate (ADR): EUR133.90 (+6.0%)
- Revenue per available room (RevPAR): EUR105.57 (+8.7%)
Berlin was the host of several events in May, including CWIEME Berlin, Carnival of Cultures, Desertfest Berlin, and the Global Business Summit.
The market’s highest daily occupancy levels were seen on Tuesday, 14 May (95.2%), and Wednesday, 15 May (95.5%) – the first two nights of CWIEME Berlin. Overall, Berlin’s occupancy levels remained above the 70% mark throughout the month apart from six days.
The market’s ADR and RevPAR levels spiked on Saturday, 25 May, at EUR216.61 and EUR205.05, respectively – the only day of the month these levels surpassed EUR200. An increase in performance was due to the second night of Desertfest Berlin which overlapped with the first night of the Global Business Summit. The same night also pushed hotel occupancy to 94.7%.For more information about the company and its products and services, please visit www.costargroup.com.