November fairs boosted Madrid hotel performance
Madrid’s hotel industry recorded its highest November average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Madrid’s hotel industry recorded its highest November average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
November 2024 (year-over-year % change):
- Occupancy: 80.2% (+2.8%)
- ADR: EUR174.44 (+13.7%)
- RevPAR: EUR139.88 (+16.8%)
In addition to the monthly records in ADR and RevPAR, occupancy was the highest for a November in Madrid since 2019.
Performance gains were attributable to a number of fairs organized by IFEMA Madrid, including Veteco, Matelec, and Construtec. Each of the key performance metrics peaked on the first day of the fairs (Tuesday, 5 November): occupancy (92.7%), ADR (EUR214.90) and RevPAR (EUR199.14). The second highest levels were seen the following night: occupancy (91.9%), ADR (EUR201.58) and RevPAR (EUR185.18).
Daily occupancy levels remained above 70% in all but three days during the month.For more information about the company and its products and services, please visit www.costargroup.com.