Berlin hotels witnessed a significant uptick in performance during the month of May, driven by a series of major events that attracted visitors from around the world. Preliminary data from leading real estate marketplace and analytics provider, CoStar, reveals an impressive improvement in occupancy and revenue for the German capital.
The city played host to a number of notable events including CWIEME Berlin, Carnival of Cultures, Desertfest Berlin, and the Global Business Summit, all of which contributed to the surge in hotel activity. With such a diverse range of events taking place, Berlin was able to attract a wide range of visitors, from business professionals to music enthusiasts.
According to CoStar’s year-over-year analysis for May 2024, the occupancy rate rose by 2.6%, reaching an impressive 78.8%. This boost in occupancy was accompanied by a 6.0% increase in the average daily rate (ADR), which reached 133.90 euros. Ultimately, this resulted in a substantial uptick in revenue per available room (RevPAR), surging by 8.7% to 105.57 euros.
Notably, the first two nights of CWIEME Berlin, held on May 14th and 15th, saw the highest occupancy levels of the month, reaching an extraordinary 95.2% and 95.5% respectively. Throughout the rest of May, Berlin consistently maintained occupancy rates above 70%.
On May 25th, the market experienced a remarkable spike in both ADR and RevPAR, with rates reaching 216.61 euros and 205.05 euros respectively. This surge in revenue was largely attributed to the culmination of various events and the resulting influx of enthusiastic attendees.
The success of Berlin’s hotel industry in May serves as a testament to the city’s ability to attract and accommodate visitors from diverse backgrounds. With its vibrant event calendar, cultural offerings, and thriving business environment, Berlin continues to establish itself as an enticing destination for both business and leisure travelers alike.