Paris hotel booking levels nearing 80% for the Summer Olympics
With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80%, according to CoStar's latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
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With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80%, according to CoStar's latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
A growth trajectory in occupancy on the books has accelerated in recent months, as levels were pacing just above 60% in April and at roughly 50% in February.
As of 17 June, occupancy on the books is peaking at 77.8% on Saturday, 27 July, the night of 14 gold medal events. Opening night is a close second with occupancy on the books at 77.7% for Friday, 26 July.
When compared to the same time last year, Paris’ booking levels for those nights were at 47.7% and 47.5%, respectively.
The lowest occupancy on the books for this year’s Olympic period (59.8%) is currently on Sunday, 11 August, the last night of the competition.
While the Olympics are expected to bring a surge in leisure travel, there does seem to be a shift in business travel patterns leading up to the games. However, the lower demand we’re seeing for the early summer months can be seen as a temporary adjustment. This dip in travel in the short term is allowing Paris to focus on catering to the massive influx of leisure travelers visiting the market next month. In the long run, the Olympics will further solidify the city's position as a major tourist destination, potentially attracting even more demand in the future. Christina Choueifaty, senior account manager at STR
The impact of the Olympics is also reflected in the booking levels across the Île-de-France region, with the highest occupancy on the books (75.1%) on Saturday, 3 August, the night of 28 gold medal events. Like Paris, the lowest occupancy on the books (58.9%) for Île-de-France is seen on Sunday, 11 August. For more information about the company and its products and services, please visit www.costargroup.com.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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