The 29th Conference of the Parties (COP29) drove Baku’s hotel average daily rate (ADR) and revenue per available room (RevPAR) to record-high levels, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The market’s performance peaked on the first night of the conference (11 November) with ADR up 1,263.2% year over year to AZN 2,256.69. RevPAR that night grew 2,980.4% to AZN 1,981.39. Both metrics remained above AZN 1,000 throughout the entire conference period, as this was the first time in history that Baku posted four-figure hotel room rates.
Occupancy topped out on 13 November (+104.6% to 90.2%).
The United Nations Climate Change Conference has once again proven to be a winner for host cities. In recent years, Dubai, Sharm El Sheikh and Glasgow have all benefitted from the influx of attendees. It is especially noticeable how the first few days of the conference drove occupancy and ADR. COP is a prestigious event and always attracts a multitude of dignitaries, as we saw in Baku. There is no doubt that the COP30 host city, Belem in Brazil, will enjoy similar success Thomas Emanuel, STR’s regional director for Europe
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Markets & Performance
