Baku hotels posted record-high room rates during COP29

WASHINGTON – 6 December 2024 – The 29th Conference of the Parties (COP29) drove Baku’s hotel average daily rate (ADR) and revenue per available room (RevPAR) to record-high levels, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. 

The market’s performance peaked on the first night of the conference (11 November) with ADR up 1,263.2% year over year to AZN 2,256.69. RevPAR that night grew 2,980.4% to AZN 1,981.39. Both metrics remained above AZN 1,000 throughout the entire conference period, as this was the first time in history that Baku posted four-figure hotel room rates.

Occupancy topped out on 13 November (+104.6% to 90.2%). 

“The United Nations Climate Change Conference has once again proven to be a winner for host cities,” said Thomas Emanuel, STR’s regional director for Europe. “In recent years, Dubai, Sharm El Sheikh and Glasgow have all benefitted from the influx of attendees.”

“It is especially noticeable how the first few days of the conference drove occupancy and ADR. COP is a prestigious event and always attracts a multitude of dignitaries, as we saw in Baku,” Emanuel said. “There is no doubt that the COP30 host city, Belem in Brazil, will enjoy similar success.”

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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 85,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.

News Media Contact
Haley Luther
Senior Communications Manager – STR 
(216) 278-0627
hluther@str.com 

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CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.