Paris hotels already 50 pc booked for Summer Olympics: CoStar

Heaviest demand for weekend of Aug 2-3
2024-02-13
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Paris hotels already 50 pc booked for Summer Olympics: CoStar

Paris is seeing heavy bookings for hotel rooms five months before the Olympic Games get underway

Heavy demand for accommodation during the upcoming Olympic Games in Paris is already leading to rooms getting filled up rapidly, says accommodation data provider CoStar.
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Over five months before the Paris 2024 Olympic Games open in Paris, hotel rooms are getting booked at a rapid rate, despite significant rise in room prices, says a report by CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets.

CoStar says that the hotel occupancy in Paris has already gone beyond 50 pc, with the highest booking levels currently falling during the weekend of August 2-3, with both nights reporting booking of 59.2 pc of total rooms available.

This marks a nearly 12-fold growth in bookings this early in the year, says CoStar, which adds that at this time last year, the comparable levels for those nights were 5.0 pc and 4.5 pc, respectively. It adds that currently, the only Olympics date currently below 50 pc is August 11, the night of the closing ceremony, with bookings standing at 46.4 pc.

CoStar adds that also noteworthy is the fact that the impact of Olympics is reflected in hotel bookings across the entire Ile-de-France or Greater Paris region. For the Ile de France area, the highest levels are seen on August 3 at 44.9 pc and July 28 at 43.5 pc. When looking at the same time last year, bookings for those nights were at just 5.3 pc and 3.9 pc, respectively, it adds.

The high rate of bookings has come despite a significant jump in accommodation prices in Paris. CoStar says that room rates are forecast to jump significantly in July and August, especially across the luxury, which have risen 8.7 pc and upper upscale, that have risen by a significant 72.7 pc. In terms of monthly occupancy levels, August is currently forecasted to surpass last year’s comparable periods by 9.1 pc, whereas July is projected to fall 0.5 pc year over year.

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