The market’s occupancy level was the highest for any month since October 2019. Credit: Tanatat pongphibool ,thailand via Getty Images.

Preliminary data unveiled on 14 November 2023 by CoStar, a leading real estate marketplace, highlights unprecedented success for Madrid’s hospitality sector.

The October 2023 data positions the Spanish capital as a thriving destination for business and events, setting the stage for sustained growth in the hospitality sector.

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Occupancy soars

In October 2023, Madrid witnessed a surge in hotel occupancy to 81.9%, a significant 2.0% increase compared to the same period in 2022. 

The market’s occupancy level was the highest for any month since October 2019, surpassing pre-pandemic levels.

Striking growth in ADR and RevPAR

Madrid’s average daily rate experienced an impressive year-on-year growth of 23.1%, reaching €204.35, while revenue per available room rose by 25.6%, hitting a record €167.26. 

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These figures set new benchmarks for monthly performance.

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Key events drive peak occupancy levels

Madrid’s hotel sector particularly thrived during key events in October 2023. 

Fruit Attraction 2023, held from 3 to 5 October, contributed to peak occupancy levels of 95.5% on both Tuesday, 3 October and Wednesday, 4 October. 

The ESMO Congress, hosted from 20 to 24 October, further bolstered occupancy, peaking at 91.0% on Saturday, 21 October. 

This surge in performance not only reflects the resilience of Madrid’s hospitality industry but also signifies a robust recovery, surpassing pre-pandemic levels.

New openings in 2023

Madrid has seen a growing number of major hotel companies opening new properties in 2023. This include Hotel Montera Madrid, a Curio Collection by Hilton property, situated in the famous city centre, Calle de la Montera.

Others include the Only YOU Boutique Hotel Madrid from Preferred Hotels & Resorts, and Travelodge’s sixth opening in Spain with the inauguration of the Travelodge Madrid Coslada Aeropuerto.