Rio de Janeiro’s hotel industry reached record-high ADR and RevPAR in eight years, driven by the Rock in Rio festival, matching 2016 Olympic performance levels.
Rio de Janeiro’s hotel industry experienced a remarkable boost in September 2024, driven by the impact of the Rock in Rio music festival. According to preliminary data from CoStar, a leading provider of online real estate marketplaces and analytics, the city achieved its highest average daily rate (ADR) and revenue per available room (RevPAR) in eight years. This surge in hotel performance highlights the importance of major events in driving tourism and hospitality growth in the region.
In September 2024, Rio de Janeiro saw significant year-over-year improvements. Hotel occupancy reached 71.5%, a 10.3% increase compared to the previous year. The ADR surged to BRL907.20, marking a 35.5% rise, while RevPAR soared by an impressive 49.4%, reaching BRL648.33. These numbers indicate a strong recovery and growth for the city’s hospitality sector, which hadn’t seen such high levels since the Summer Olympics in August 2016.
The Rock in Rio festival played a significant role in these figures, with its opening night on September 13 pushing the ADR to a monthly peak of BRL1,380.02. The second night of the festival saw RevPAR reach its highest point at BRL1,166.58. This surge in demand, driven by the influx of festivalgoers, showcases how large-scale events can significantly influence the local hotel market.
Aside from the music festival, the Rio Oil & Gas event, which took place later in the month, also contributed to the hotel industry’s success. The highest daily occupancy level of 89.8% was recorded on September 25, the third night of the oil and gas conference. This demonstrates the combined impact of various high-profile events on Rio’s hospitality industry during the month.
Overall, September 2024 was a standout month for Rio de Janeiro’s hotels, with major events like Rock in Rio and Rio Oil & Gas contributing to a notable increase in both occupancy and revenue. The city’s hospitality sector capitalized on these opportunities, achieving its best performance in nearly a decade.
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