WASHINGTON – Pushed by the 2024 UEFA European Football Championship, Cologne hotel industry recorded its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) on record, according to June preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
June 2024 (year-over-year % change) in Cologne:
Occupancy: 81.2% (+7.9%)
ADR: 174.18 euros (+35.5%)
RevPAR: 141.47 euros (+46.2%)
In addition to the all-time highs in monthly ADR and RevPAR, occupancy was the highest for the market since November 2019.
The market’s ADR in Cologne reached 274.57 euros on Saturday, 15 June, the night of a group stage match between Switzerland and Hungary. This was the highest daily ADR level in the market since October 2023. The second highest ADR (268.79 euros) was recorded on Wednesday, 19 June when Switzerland squared off with Scotland.
Occupancy reached a monthly high (95.5%) on Tuesday, 4 June, the first night of The Tire Cologne trade fair. The second highest level (95.3%) occurred during the aforementioned Switzerland and Scotland match.
The 17th UEFA European Championship 2024 takes place between June 14 and July 14. All told, the tournament comprises more than 50 matches, teams from two dozen European nations and 10 host cities. Berlin, Cologne, Dortmund, Düsseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig, Munich and Stuttgart will each host Euro 2024 matches, and the final is scheduled for July 14 at Berlin’s 71,000-seat Olympiastadion.
The article Cologne hotel ADR and RevPAR reached record-high thanks to Euro 2024 first appeared in TravelDailyNews International.