Madonna’s final concert of her Celebration Tour pushed Rio de Janeiro’s hotel performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
May 2024 (year-over-year % change):
Occupancy: 62.0% (+6.0%)
Average daily rate (ADR): BRL729.06 (+19.9%)
Revenue per available room (RevPAR): BRL452.14 (+27.2%)
On Saturday, 4 May, Madonna wrapped her Celebration Tour with a free concert on Rio de Janeiro’s Copacabana Beach, which attracted over 1.6 million fans, and resulted in the market’s highest daily levels for the month: occupancy (83.9%), ADR (BRL1,225.95) and RevPAR (BRL1,028.83). The daily ADR and RevPAR levels were also the highest since early February 2024, while occupancy was the highest since November 2023.
The second-highest occupancy levels were seen on Wednesday, 22 May (82.5%) – the second night of the FPSO Brazil Congress, which overlapped with the final night of the Argus Rio Crude Conference.
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