Milan’s hotel industry recorded the highest occupancy peak of any Winter Olympics host since 2010, according to data from CoStar, a global leading provider of online real estate marketplaces, information, and analytics in the property markets.
Milan averaged 83.4% occupancy over the event period, peaking at 89.3% on Saturday, 14 February. Across 6-22 February, the market’s occupancy increased 18.3% year over year.
Year-over-year growth was more pronounced in average daily rate (ADR) and revenue per available room (RevPAR), which rose 215.5% and 273.3%, respectively. ADR came in at EUR568.73 during the event period with a peak of EUR548.38 on the night of the opening ceremony. RevPAR averaged EUR474.12 over the two-plus-week window and also peaked on 6 February at EUR457.83.
Among the classes, Milan’s Upper Upscale properties averaged the highest occupancy at 88.0% (+20.2% year over year). Luxury properties registered the highest year-over-year gains across the three metrics: occupancy (+34.4%), ADR (+214.0%) and RevPAR (+321.9%).
