ARLINGTON, Va. – Ahead of the Winter Olympics, Milan’s hotel occupancy on the books is as high as 85.2%, according to data from CoStar, the leading global provider of online real estate marketplaces, information and analytics in the property markets.

Four nights within the two-week event period are pacing above 80% occupancy on the books, including the peak on 11 February (85.2%). The night of the opening ceremony on 6 February is at 82.9% – the fourth highest level across event dates.

Currently, Milan’s lowest level in Olympic occupancy on the books is the night of the closing ceremony (71.4%). This follows a standard Olympics trend which was seen most recently in Paris during the summer of 2024.

A combination of factors—including limited hotel supply growth, improved public transportation, and Milan’s role as an international gateway market—is expected to support strong hotel performance throughout the Olympic period. Milan is a midsize hotel market compared with previous Winter Olympic hosts. That lower volume of inventory will factor into higher occupancy levels as official and tourist demand enters the market. Aoife Roche, regional vice president of EMEA sales at STR
Source: CoStarSource: CoStar
Source: CoStar

CoStar also forecasts major lifts in monthly performance, with February occupancy expected to reach 77.9%, which would be the highest for any February on record in Milan. While the Olympics are helping drive occupancy, Milan Fashion week also occurs two days after the closing ceremony.

Average daily rate (ADR) is expected to rise 48.1% year over year for February.

Further Winter Olympics analysis can be found here.

For more information about the company and its products and services, please visit costargroup.com.

About CoStar Group, Inc.

CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Haley Luther
Senior Communications Manager
+1 (216) 278 0627
CoStar

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