Paris hotels hit 50% occupancy surge ahead of 2024 Summer Olympics

Data from CoStar reveals that Paris’ hotel occupancy for the 2024 Summer Olympics has already surpassed 50 per cent, indicating a significant surge in bookings.

CoStar, a prominent provider of online real estate marketplaces and analytics, highlights the substantial impact of the Olympics on the property markets.

The highest booking levels in Paris coincide with the weekend of 2-3 August, with both nights reaching 59.2 per cent occupancy.

Comparatively, at the same time last year, the occupancy rates for those nights were merely 5.0 per cent and 4.5 per cent, respectively.

Although most Olympics dates in Paris are experiencing high booking levels, Sunday, 11 August, the night of the closing ceremony, currently stands below 50 per cent occupancy at 46.4 per cent.

The Olympics’ influence extends beyond Paris to the entire Ile-de-France region, with notable spikes in hotel bookings observed on Saturday, 3 August (44.9 per cent), and Sunday, 28 July (43.5 per cent).

These figures mark a significant increase from the previous year when bookings for those nights were as low as 5.3 per cent and 3.9 per cent, respectively.

Moreover, projections indicate a substantial surge in room rates across various hotel classes in Paris, particularly in luxury (8.7 per cent increase) and upper upscale (72.7 per cent increase) segments.

August is forecasted to surpass last year’s occupancy levels by 9.1 per cent, while July is expected to experience a marginal decline of 0.5 per cent compared to the previous year.