Paris hotel bookings pacing above 60% for Summer Olympic period

WASHINGTON – 16 April 2024 – Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

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.

The current highest booking level (63.8%) in the host city is on Saturday, 27 July, the day of 14 gold medal events. Saturday, 3 August, the day of 28 gold medal events, shows the second-highest occupancy on the books (63.1%). At the same time last year, booking levels during the aforementioned dates were just 19.3% and 19.8%, respectively.

Currently, Paris’ lowest occupancy on the books during the Olympics (45.2%) is on the night of the closing ceremony.

“The effect of this megaevent is already evident, with hotel bookings at 50% at the beginning of 2024 and growth of another 10% over the last three months,” said Christina Choueifaty, senior account manager at STR. “The closer we get to the Games, the higher those levels will rise. Paris is also expected to see an increase in July and August room rates, most pronounced across the luxury and upper upscale classes, which are forecasted at increases of 8.7% and 72.7%, respectively.”

The Île-de-France region is also showing significant jumps in occupancy on the books as well, reaching as high as 60.3% on 3 August and as low as 46.1% on 11 August.

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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 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

About CoStar Group
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 over twelve million 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 attract over 100 million unique monthly visitors. 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.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that occupancy rates and average daily rates are not as expected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2022 and Forms 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, and September 30, 2023, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.