The 2024 G20 Summit pushed Rio de Janeiro’s hotel industry to its highest average monthly daily rate (ADR) and revenue per available room (RevPAR) since August 2016, according to November preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
November 2024 (year-over-year % change):
Occupancy: 76.3% (-0.3%)
Average daily rate (ADR): BRL 1,164.76 (+45.0%)
Revenue per available room (RevPAR): BRL888.64 (+44.5%)
In addition to the jumps in ADR and RevPAR, the market’s occupancy reached its highest this year.
The G20 Summit (18-19 November) pushed the market’s ADR to BRL 2,711.74 and BRL 2,787.69, respectively. RevPAR peaked the Sunday before the summit at BRL 2,194.82, which was a record for the market.
Rio de Janeiro’s occupancy peak on 16 November (92.6%) was the highest figure seen in the market since November 2023.
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