The market’s occupancy level was the highest for any month since October 2019. Credit: Tanatat pongphibool ,thailand via Getty Images.

Preliminary data unveiled on 14 November 2023 by CoStar, a leading real estate marketplace, highlights unprecedented success for Madrid’s hospitality sector.

The October 2023 data positions the Spanish capital as a thriving destination for business and events, setting the stage for sustained growth in the hospitality sector.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Occupancy soars

In October 2023, Madrid witnessed a surge in hotel occupancy to 81.9%, a significant 2.0% increase compared to the same period in 2022. 

The market’s occupancy level was the highest for any month since October 2019, surpassing pre-pandemic levels.

Striking growth in ADR and RevPAR

Madrid’s average daily rate experienced an impressive year-on-year growth of 23.1%, reaching €204.35, while revenue per available room rose by 25.6%, hitting a record €167.26. 

These figures set new benchmarks for monthly performance.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Key events drive peak occupancy levels

Madrid’s hotel sector particularly thrived during key events in October 2023. 

Fruit Attraction 2023, held from 3 to 5 October, contributed to peak occupancy levels of 95.5% on both Tuesday, 3 October and Wednesday, 4 October. 

The ESMO Congress, hosted from 20 to 24 October, further bolstered occupancy, peaking at 91.0% on Saturday, 21 October. 

This surge in performance not only reflects the resilience of Madrid’s hospitality industry but also signifies a robust recovery, surpassing pre-pandemic levels.

New openings in 2023

Madrid has seen a growing number of major hotel companies opening new properties in 2023. This include Hotel Montera Madrid, a Curio Collection by Hilton property, situated in the famous city centre, Calle de la Montera.

Others include the Only YOU Boutique Hotel Madrid from Preferred Hotels & Resorts, and Travelodge’s sixth opening in Spain with the inauguration of the Travelodge Madrid Coslada Aeropuerto.