Beyond the track, The Olympic Games provide a once-in-a-lifetime opportunity for the host city's hospitality industry to take center stage. As the world's gaze turns to Paris in 2024, we're keeping a close eye on the performance of the city's hotels and short-term rentals.
The 60% range for the event period (26 July - 11 August) is up from 50% three months ago. For context, the weeks leading up to the opening ceremony show occupancy on the books in just the 20% range.
Tickets for the 33rd Olympic Games went on sale on 30 November 2023, and travel demand to France has already increased substantially. For the period of the Olympic Games in 2024, flight bookings, not just searches, to Paris are up 125% compared to the same travel period last year.
Paris is expected to see a significant jump in July and August ADR. The impact will be especially pronounced across the luxury and upper upscale classes, which are forecasted at +8.7% and +72.7%, respectively.
Paris' highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively.
Average daily rates for Paris hotels during the Summer Olympic Games have been described as exorbitant, colossal and hallucinatory.
The data suggests the 2024 Paris Olympics could be a record-setting event in terms of hospitality revenue.