- According to preliminary data from CoStar, Madrid’s hotel industry recorded its highest November average daily rate and revenue per available room to date.
- Major fairs by IFEMA Madrid significantly contributed to the performance gains in occupancy, average daily rate, and revenue per available room.
Madrid’s hotel industry performed impressively in November 2024, recording its highest Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) for the month, according to preliminary data from CoStar, a leading online real estate marketplace provider.
The key performance indicators for the month were as follows:
– Occupancy: 80.2% (+2.8% year-over-year) – ADR: EUR174.44 (+13.7% year-over-year) – RevPAR: EUR139.88 (+16.8% year-over-year)
This marked the highest occupancy rate for November in Madrid since 2019.
The remarkable performance gains can largely be attributed to a series of fairs organized by IFEMA Madrid, namely Veteco, Matelec, and Construtec. Each of these events significantly boosted the key performance metrics, which peaked on the first day of the fairs (Tuesday, 5 November): occupancy (92.7%), ADR (EUR214.90), and RevPAR (EUR199.14). The second-highest levels were observed the following night: occupancy (91.9%), ADR (EUR201.58), and RevPAR (EUR185.18).
Furthermore, daily occupancy levels stayed above 70% for almost the entire month, dipping below 70% only on three occasions. These figures underscore the crucial role of events and fairs in driving the hotel industry’s performance, particularly in metropolitan areas like Madrid. The November 2024 data presents an encouraging outlook for Madrid’s hotel and travel industry, showing resilience in changing dynamics.