The market’s occupancy level was the highest for any month since October 2019.
WASHINGTON – Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
October 2023 (year-over-year % change):
- Occupancy: 81.9% (+2.0%)
- Average daily rate (ADR): EUR204.35 (+23.1%)
- Revenue per available room (RevPAR): EUR167.26 (+25.6%)
According to the daily data, Madrid saw the highest occupancy levels on Tuesday, 3 October and Wednesday, 4 October (both at 95.5%), helped by Fruit Attraction 2023 (held 3-5 October). The market also hosted the ESMO Congress from 20-24 October, during which the daily occupancy levels peaked on Saturday, 21 October, at 91.0%.
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