Hotels in Milan, Italy, reported record-breaking performance in October and significant performance increases across the six months of Expo Milano 2015, according to new data released by STR Global.
Aggregated data for Milan from May through October showed a 51.1% 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% increase in occupancy to 77.4% and a 28.2% rise in average daily rate to EUR166.68.
Of the six months the event covered, October provided the largest boost with RevPAR surging 75.1% to EUR167.66—the second highest monthly RevPAR value ever recorded for Milan and an October high for the market. Occupancy increased 26.3% to 90.8%—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% to EUR80.89.
According to Expo Milano, more than 20 million guests were expected to visit the event’s 1.1 million square metres of exhibition area.
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