G20 Summit 2024 Spurs Record-High Room Rates in Rio de Janeiro’s Hotel Industry

• The 2024 G20 Summit in Rio de Janeiro drives hotel industry’s average daily rate (ADR) and revenue per available room (RevPAR) to their highest since August 2016.
• The Summit also prompts the market’s highest occupancy rate for the year.

The 2024 G20 Summit, held in Rio de Janeiro, Brazil, significantly bolstered the city’s hotel industry, pushing the average daily rate (ADR) and revenue per available room (RevPAR) to their highest levels since August 2016, according to preliminary data released by CoStar, a leading provider of online real estate marketplaces.

The Summit, which took place on 18-19 November, resulted in a sharp increase in ADR and RevPAR. The figures for November 2024 show a year-over-year percentage change with an occupancy rate of 76.3% (a minor decrease of 0.3%), an ADR of BRL 1,164.76 (up by a staggering 45.0%), and a RevPAR of BRL888.64 (an increase of 44.5%).

These significant jumps in ADR and RevPAR were accompanied by the market’s highest occupancy rate for the year, demonstrating the substantial influence of the G20 Summit on Rio de Janeiro’s hotel industry. The market’s ADR surged to BRL 2,711.74 and BRL 2,787.69 on the days of the Summit, respectively. RevPAR peaked at BRL 2,194.82 the Sunday before the summit, setting a new record for the market.

In addition to these impressive figures, Rio de Janeiro’s occupancy peak on 16 November reached 92.6%, the highest figure in the market since November 2023.

These statistics underscore the significant impact of global events like the G20 Summit on local hospitality industries. The increased demand for hotel rooms during such events can lead to a substantial surge in key performance indicators like ADR, RevPAR, and occupancy rate, significantly boosting the local economy.