Hotel bookings in Paris are pacing above 60 per cent, well ahead of the 2024 Summer Olympics, data from CoStar has revealed.
The 60 per cent range from 26 July to 11 August is up from the 50 occupancy recorded three months ago.
The data shows that the weeks leading up to the opening ceremony show occupancy on the books in just the 20 percent range, further illustratiing the significant positive impact the Games are having on occupancy and ADR.
Currently, the highest booking level of 63.8 per cent is on 27 July, the day of 14 gold medal events, followed by 63.1 per cent on 3 August, the day of 28 gold medal events. At the same time last year, booking levels on those dates were 19.3 per cent and 19.8 per cent respectively.
The Île-de-France region is also showing significant jumps in occupancy, reaching as high as 60.3 per cent on 3 August.
What they said
Christina Choueifaty, senior account manager at STR said: "The effect of this megaevent is already evident, with hotel bookings at 50 per cent at the beginning of 2024 and growth of another 10 per cent over the last three months. The closer we get to the Games, the higher those levels will rise. Paris is also expected to see an increase in July and August room rates, most pronounced across the luxury and upper upscale classes, which are forecasted at increases of 8.7 per cent and 72.7 per cent respectively.”