CoStar Reports Rio De Janeiro Room Rates Peaked During Carnival

1 minute read CoStar March, 12 2024

CoStar Reports Rio De Janeiro Room Rates Peaked During Carnival

Helped by Carnival, Rio de Janeiro's hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) since 2016, according to February preliminary data from CoStar.

February 2024 (year-over-year % change):

Occupancy: 69.6% (-4.7%)
Average daily rate (ADR): BRL996.92 (+9.1%)
Revenue per available room (RevPAR): BRL694.02 (+4.0%)

Carnival took place 9-17 February, and the market’s room rates peaked on the third and fourth night of the festival – Sunday, 11 February (BRL2,020.40) and Monday, 12 February (BRL1,978.38).

Rio de Janeiro saw its highest daily occupancy levels on Wednesday, 21 February (83%), closely followed by Sunday, 11 February (82.6%) – the third day of Carnival.

Overall, the market’s daily occupancy levels remained above the 60% mark apart from Wednesday, 14 February (59.2%).

CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.