Saturday, August 17, 2024
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Due to major events such as the UEFA European Championship and Fashion Week, hotel rates in Berlin skyrocketed in July, reaching record levels of ADR and RevPAR.
In July 2024, Berlin’s hotel industry reached its highest average daily rate (ADR) and revenue per available room (RevPAR) for the month, driven by three major events, according to preliminary figures from CoStar. CoStar specializes in online real estate marketplaces and provides important information and analysis on the real estate markets.
Key statistics for July 2024 (percent change from previous year):
- Capacity utilization: 77.9% (slight decrease of 0.1%)
- ADR: EUR 136.94 (plus 17.3%)
- RevPAR: 106.73 euros (increase of 17.2%)
The UEFA European Football Championship final on 14 July, which pitted Spain against England, caused prices to rise significantly: ADR jumped to EUR 353.56, an increase of 171.4% year-on-year, and RevPAR rose to EUR 308.77, an increase of 189.2%.
The highest daily occupancy rate was recorded on Saturday, July 27, on Christopher Street Day at 88.8 percent. This was closely followed by Berlin Fashion Week with an occupancy rate of 88.6 percent on the second and third days (July 2-3).
For the entire month, occupancy was above 70% on all days except five, underlining a robust phase for the Berlin hotel industry.
