Rio de Janeiro’s hotel industry experienced a remarkable surge in September 2024, reaching its highest average daily rate (ADR) and revenue per available room (RevPAR) in eight years, surpassing even the performance levels seen during the 2016 Olympics. This incredible boost can be attributed to the powerful combination of the Rock in Rio music festival and the Rio Oil & Gas event.
According to preliminary data from CoStar, a leading provider of online real estate marketplaces and analytics, the city achieved its highest ADR and RevPAR since 2016. This surge in hotel performance highlights the crucial role that major events play in driving tourism and hospitality growth in the region.
September 2024 witnessed significant year-over-year improvements in Rio de Janeiro’s hotel sector. Hotel occupancy reached a commendable 71.5%, marking a 10.3% increase compared to the previous year. The ADR skyrocketed to BRL907.20, representing a remarkable 35.5% rise, while RevPAR soared by an impressive 49.4%, reaching BRL648.33. These figures demonstrate a strong recovery and growth trajectory for the city’s hospitality sector, signaling a return to the peak performance levels last seen during the Summer Olympics in August 2016.
The Rock in Rio festival played a pivotal role in these impressive figures. Its opening night on September 13th propelled the ADR to a monthly peak of BRL1,380.02. The second night of the festival witnessed RevPAR reaching its highest point at BRL1,166.58. This surge in demand, driven by the influx of festivalgoers, underscores the significant influence that large-scale events can exert on the local hotel market.
Beyond the music festival, the Rio Oil & Gas event, held later in the month, also contributed significantly to the hotel industry’s success. The highest daily occupancy level of 89.8% was recorded on September 25th, 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, highlighting the city’s ability to attract diverse audiences and leverage events to drive economic growth.
Overall, September 2024 proved to be a standout month for Rio de Janeiro’s hotels. The confluence of major events like Rock in Rio and Rio Oil & Gas resulted in a notable increase in both occupancy and revenue, solidifying the city’s position as a leading tourism destination. Rio’s hospitality sector capitalized on these opportunities, achieving its best performance in nearly a decade and demonstrating its resilience and ability to attract visitors from around the globe.
