Paris hotels see revenue edge ahead as Olympic bookings reflect global events trend: SiteMinder
Average daily rates at Paris hotels are up over 70% to €380 for the Olympics period, compared to €223 during the same period last year, shows data from SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels.
The growth in rates and demand is being driven by a combination of international and domestic travellers, with guests from overseas projected to make up 59% of arrivals at hotels across France as a whole this July, compared to 54% in 2023. According to SiteMinder’s numbers, the leading international source markets for French hotels in July are Germany, the UK and the US.
Additionally, booking windows at Paris hotels have lengthened to 118 days, from 71 days during the same period last year. This is accompanied by an almost 20% increase in the average length of stay, which has grown to 2.57 days.
According to James Bishop, SiteMinder’s Vice President of Ecosystem and Strategic Partnerships, efforts by Parisian hotels to capitalise on forward bookings could serve as a reminder to their UK counterparts of the increasing importance of major events as a source of revenue.
“Thanks to longer lead times and ever-improving distribution and revenue optimisation tools, hoteliers are now more than ever able to leverage heightened periods of demand to drive revenue growth. In a landscape characterised by increased competition and savvy traveller behaviour, major events offer rare certainty to the industry, so it’s vital that UK hotels take action to keep pace with their guests, as Parisian hotels have sought to do in the lead up to the Olympics,” says Bishop.
“The notable growth in rates around the Paris Olympics contrasts what we saw during the London Marathon weekend in April this year, where rates dropped by 6.5% year-on-year despite a 13% increase in lead times and a 2% growth in bookings. This suggests Parisian hotels have made effective use of dynamic revenue management. It’s important that UK hoteliers similarly ensure they are well-placed to capture opportunities to maximise revenue around events which, while not as easily identifiable as the Olympics, can still drive significant spikes in demand,” Bishop concludes.
All data is for the Olympics period (26 July to August 11) and compared to the same dates last year, as derived from SiteMinder’s platform, which generates more than 120 million reservations annually, worth over US$50 billion in revenue for its more than 41,000 hotel customers.
About SiteMinder
SiteMinder Limited (ASX:SDR) is the name behind SiteMinder, the only software platform that unlocks the full revenue potential of hotels, and Little Hotelier, an all-in-one hotel management software that makes the lives of small accommodation providers easier.
The global company is headquartered in Sydney with offices in Bangalore, Bangkok, Barcelona, Berlin, Dallas, Galway, London and Manila.
Through its technology and the largest partner ecosystem in the global hotel industry, SiteMinder generates more than 120 million reservations worth over US$50 billion in revenue for its hotel customers each year.
