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.
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.
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.