SINGAPORE, 13 June 2024: Tokyo’s hotel industry reported record-high average daily rate (ADR) and revenue per available room (RevPAR) in May, according to preliminary data from CoStar.
CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
May 2024 (year-over-year % change)
- Occupancy: 78.4% (+4.2%)
- Average daily rate (ADR): 37,671.27 (+44.0%)
- Revenue per available room (RevPAR): JPY29,529.07 (+50.0%)
According to daily data, Tokyo’s occupancy levels experienced a surge on Saturday, 25 May (89.1%), propelled by the energy of several music events held in Tokyo Dome. The market recorded its highest RevPAR levels on the same night, at JPY38,913.89. Overall, Tokyo’s occupancy remained above the 70% mark throughout the month, apart from five days.
The market’s room rates spiked on Constitution Memorial Day (Friday, 3 May), at JPY44,743.14; closely followed by Saturday, 4 May (Greenery Day), at JPY44,038.37.
Apart from events in May, several contributing factors, such as a later opening post-pandemic, above-average inflation, and an influx of international demand, also significantly impacted Tokyo’s ADR and RevPAR increases. A full Japan room rate analysis can be found here.
For more information about the company and its products and services, please visit www.costargroup.com.
