Paris hotels already 50% booked for Summer Olympics

WASHINGTON – 6 February 2024 – Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

Paris’ highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively.

The only Olympics date currently below 50% is Sunday, 11 August (46.4%), the night of the closing ceremony.

Also of note, the Olympics impact is reflected in hotel bookings across the entire Ile-de-France region. The highest levels are seen on Saturday, 3 August (44.9%) and Sunday, 28 July (43.5%). When looking at the same time last year, bookings for those nights were at just 5.3% and 3.9%, respectively.

Paris room rates are forecasted to jump significantly in July and August, especially across the luxury (+8.7%) and upper upscale (+72.7%) classes. In terms of monthly occupancy levels, August is currently forecasted to surpass last year's comparables by 9.1%, whereas July is projected to fall 0.5% year over year.

As noted in this Paris Olympics analysis, previous renditions of the Summer Olympics have had a far greater impact on average daily rate (ADR) than occupancy.

For more information about the company and its products and services, please visit www.costargroup.com.

Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.

News Media Contact
Haley Luther
Communications Manager – STR
(216) 278-0627
hluther@str.com

About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract nearly 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that occupancy rates and average daily rates are not as expected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2022 and Forms 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, and September 30, 2023, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.