Boosted by the Rock in Rio music festival, Rio de Janeiro’s hotel industry reached its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) in eight years, according to September preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
September 2024 (year-over-year % change):
Occupancy: 71.5% (+10.3%)
ADR: BRL907.20 (+35.5%)
RevPAR: BRL648.33 (+49.4%)
The only month with higher ADR and RevPAR in Rio was August 2016 during the Summer Olympics.
The first night of the Rock in Rio (13 September) pushed the market’s ADR to a monthly high of BRL1,380.02, while night two resulted in the highest RevPAR at BRL1,166.58.
The highest daily occupancy level (89.8%) was seen on 25 September, which was the third night of the Rio Oil & Gas event.
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