Record hotel rates during Milan Expo 2015
According to an analysis by STR Global, hotels in Milan, Italy, reported record-breaking performance in October and significant performance increases across the six months of Expo Milano 2015.
Aggregated data for Milan from May through October showed a 51.1 per cent lift in revenue per available room when compared with the same six months from 2014.
The absolute RevPAR of EUR129.09 was driven by a 17.8 per cent increase in occupancy to 77.4 per cent and a 28.2 per cent rise in average daily rate to €166.68.
Of the six months the event covered, October provided the largest boost with RevPAR surging 75.1 per cent to €167.66 - the second highest monthly RevPAR value ever recorded for Milan and an October high for the market.
Occupancy increased 26.3 per cent to 90.8 per cent - the highest absolute occupancy on record for any month in Milan.
August, generally the weakest month of the year for RevPAR in Milan, produced a RevPAR increase of 67.8 per cent to €80.89.
According to Expo Milano, more than 20 million guests were expected to visit the event’s 1.1 million square meters of exhibition area.