Milan Hotels Record Highest Winter Olympic Occupancy Since 2010 :: Hospitality Trends

Milan hotels posted the highest Winter Olympic occupancy rates among host cities since 2010, with significant gains in revenue and average daily rates.

Milan’s hotel industry recorded the highest occupancy peak of any Winter Olympics host since 2010, according to CoStar data. During the event period from February 6 to 22, Milan hotels averaged 83.4% occupancy, peaking at 89.3% on Saturday, February 14. The market’s occupancy increased 18.3% year over year.

Compared to recent host cities, Milan’s occupancy rates surpassed Beijing’s 47.0% average in 2022 and Incheon & Seoul’s 63.0% in 2018. Only Vancouver in 2010 recorded higher occupancy, with an average of 96.3% and a peak of 97.8%.

Year-over-year growth in Milan was more pronounced in average daily rate (ADR) and revenue per available room (RevPAR), which rose 215.5% and 273.3%, respectively. ADR reached €568.73 during the event period, peaking at €548.38 on the night of the opening ceremony. RevPAR averaged €474.12 and peaked at €457.83 on February 6.

Among hotel classes, Milan’s upper upscale properties averaged the highest occupancy at 88.0%, up 20.2% year over year. Luxury properties registered the highest year-over-year gains across all three metrics: occupancy increased by 34.4%, ADR by 214.0%, and RevPAR by 321.9%.