With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80 percent occupancy, according to CoStar’s latest Forward STAR data.
A growth trajectory in occupancy on the books has accelerated in recent months, as levels were pacing just above 60 percent in April and at roughly 50 percent in February. As of June 17, occupancy on the books is peaking at 77.8 percent on Saturday, July 27, the night of 14 gold medal events. Opening night is a close second, with occupancy on the books at 77.7 percent for Friday, July 26. When compared to the same time last year, Paris’ booking levels for those nights were at 47.7 percent and 47.5 percent, respectively.
The lowest occupancy on the books for this year’s Olympic period (59.8 percent) is currently on Sunday, August 11, the last night of the competition.
While occupancy levels are high, rates for those booking now are lower than they were even earlier this year. Prices have fallen dramatically from a high of €759 per night on average from last September to €522 in February, with some hotels available for even less now.
According to Christina Choueifaty, senior account manager at STR, “The Olympics will further solidify the city's position as a major tourist destination, potentially attracting even more demand in the future.” That’s an impressive feat for a destination that is expected to be the most popular destination for international arrivals in 2024. A recent analysis from the World Travel & Tourism Council and ForwardKeys found that international arrivals in France for the first half of 2024 are at 93 percent of the same period in 2019.
The impact of the Olympics is also reflected in the booking levels across the Île-de-France region, with the highest occupancy on the books (75.1 percent) on Saturday, August 3, the night of 28 gold medal events. Like Paris, the lowest occupancy on the books (58.9 percent) for Île-de-France is seen on Sunday, August 11.
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