10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Summer slump for Paris STR market after…

  • Kate Harden-England
  • 10 September 2024
  • 3 minute read
Total
0
Shares
0
0
0

This article was written by Travolution. Click here to read the original article

image

A surge of “have-a-go hoteliers” cashing in on the Olympics led to a 24% drop in per-property revenue in Paris’ vacation rental market this summer compared to 2023, according to research by PMS specialist eviivo and STR data special Key Data. 

Despite a short-term surge during the Games, seen between July 26-August 11, overall summer occupancy which runs from June 1-August 31 was down by 4.9% year-over-year (YoY) – with occupancy averaging 58% and RevPAR (Revenue Per Available Rental) plunging by a staggering 24% to €151.

This research highlights the immense challenge facing the wider hospitality industry in sustaining momentum following landmark events.

The data shows that there was a white-hot 229% surge in STR demand during the Games period – outpacing the 201% increase in supply and boosting Paris hospitality sector with a 37.5% rise in paid occupancy to 66%, and a 16% increase in ADR to €319, leading to a 37% YoY jump in RevPAR to €210.

The increased number of STR properties also led to a noticeable shift in guest behaviour, with the average booking window shortening by 31%, from 32 to 22 days. The increase made it easier for last-minute bookings which, alongside demand for shorter stays to catch specific events, contributed to average stay lengths decreasing by 21%, from 4.9 to 3.9 days compared to the previous year.

The Secrets of Dynamic Pricing: A Complete Guide for Hotels
Trending
The Secrets of Dynamic Pricing: A Complete Guide for Hotels

However, the enduring oversupply post-event is hitting the whole of the Paris STR market hard, including year-round professional operators. 

According to the data, demand increased by 166% between the end of the Olympic Games on August 12 and August 31, three days after the Paralympics opening ceremony. 

However, supply was still up by 200%, resulting in a 10.4% drop in occupancy from 48% to 43%, and a 23% decline in RevPAR compared to the same period last year. 

The STR market weakened even before the Games began. Between June 1 -July 25, a 151% demand increase was outpaced by a 196% supply surge. 

This led to a 11.5% drop in occupancy from 69% to 61%, and a 37% RevPAR decline compared to the same period in 2023.

Ruth Whitehead, COO at eviivo, said: “A surge of have-a-go hoteliers means that the Paris hospitality market is now grappling with the aftermath of a marathon it may not have been expecting.

“Parisians may have thought they were participating in a guaranteed gold rush by renting out their rooms during the Games. But, for many, they will have actually made less money than they would have had they rented out their property during summer 2023. 

“Unfortunately, the knock-on effect hasn’t been confined to the city’s STR market alone. Professional hosts, property managers, and hoteliers are all feeling the burn of such spectacular oversupply. The reality is that big events like the Olympics – which often trigger a short-lived boom as amateur hosts jump in to make a quick profit – can leave the hospitality professionals grappling to maintain momentum once the crowds have gone.

“When there’s so much supply, property managers have limited options but the more professional among them will usually adopt pricing strategies that mean they’re not caught out. 

“Most of the time this means recognising oversupply early and factoring that into pricing, discounting sooner and, depending on the desirability and location of the property, not allowing low occupancy to linger for too long before taking action. 

“For this, they rely on software with live market data that can sync rates across various booking channels, but less experienced hosts often miss out on those kinds of insights and are much more vulnerable.”

Sally Henry, VP of business development EMEA of Key Data, added: “As the Olympic torch fades, Paris’ hospitality sector is left to rebalance supply with demand. 

“The 2024 Summer Olympics have given us plenty of food for thought, lessons that will prove invaluable when it comes to future high-profile events and seasonal swings. 

“The key takeaway for managers, however, is that staying competitive requires more than just reacting to big events, it’s about proactively refining strategies to maintain occupancy and profitability, even when the spotlight isn’t shining.”

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Categorizing...

Hilton Continues Rapid Expansion of Lifestyle Portfolio with Launch of Outset Collection by Hilton, Designed for Guests Looking for Soulful, Independent Hotel Experiences

  • Automatic
  • 6 October 2025
View Post
  • Categorizing...

Outset Collection by Hilton Becomes Company’s 25th Brand

  • LODGING Staff
  • 6 October 2025
View Post
  • Categorizing...

IHG adds nine Voco hotels across Southern Europe

  • Corina Duma
  • 6 October 2025
View Post
  • Categorizing...

Dazzler Select by Wyndham Launches as Brand Expansion

  • LODGING Staff
  • 6 October 2025
View Post
  • Categorizing...

Claridges posts £5.4m loss amid refurb costs

  • Lewis Catchpole
  • 6 October 2025
View Post
  • Categorizing...

Wyndham launches Dazzler Select brand for independent economy hotels

  • Liam J Moran
  • 6 October 2025
View Post
  • Categorizing...

Boutique Style, Budget Sensibility: Introducing Dazzler Select by Wyndham

  • Automatic
  • 6 October 2025
View Post
  • Categorizing...

Boutique Style, Budget Sensibility: Introducing Dazzler Select by Wyndham

  • Automatic
  • 6 October 2025
Sponsored Posts
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ

    View Post
  • The Practical Guide to Hotel Automation

    View Post
  • 2025 SOCIETIES Quaterly 3

    View Post
Latest Posts
  • Hilton Continues Rapid Expansion of Lifestyle Portfolio with Launch of Outset Collection by Hilton, Designed for Guests Looking for Soulful, Independent Hotel Experiences
    • 6 October 2025
  • Outset Collection by Hilton Becomes Company’s 25th Brand
    • 6 October 2025
  • Corner Office Conversation with Elizabeth Reid, Head of Search, Google
    • 6 October 2025
  • Your Lobby Isn’t Worth Posting
    • 6 October 2025
  • Your Lobby Isn’t Worth Posting
    • 6 October 2025
Sponsors
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ
  • The Practical Guide to Hotel Automation
  • 2025 SOCIETIES Quaterly 3
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.