Madrid’s hotel industry achieved record November ADR (174.44 euros) and RevPAR (139.88 euros), driven by high occupancy during IFEMA fairs.
WASHINGTON – Hotel industry in Madrid recorded its highest November average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 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: 80.2% (+2.8%)
- ADR: EUR174.44 (+13.7%)
- RevPAR: EUR139.88 (+16.8%)
In addition to the monthly records in ADR and RevPAR, occupancy was the highest for a November in Madrid since 2019.
Performance gains were attributable to a number of fairs organized by IFEMA Madrid, including Veteco, Matelec, and Construtec. Each of the key performance metrics peaked on the first day of the fairs (Tuesday, 5 November): occupancy (92.7%), ADR (214.90 euros) and RevPAR (199.14 euros). The second highest levels were seen the following night: occupancy (91.9%), ADR (201.58 euros) and RevPAR (185.18 euros).
Daily occupancy levels remained above 70% in all but three days during the month.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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