Baku’s Hotel Industry Thrives During COP29, Posts Record-High Room Rates
- The 29th Conference of the Parties (COP29) in Baku led to record-breaking average daily rates (ADR) and revenue per available room (RevPAR) in the city’s hotels.
- Increased hotel occupancy and revenue during the COP event will continue for the next host city, Belem in Brazil.
The 29th Conference of the Parties (COP29) significantly boosted Baku’s hotel industry, leading to record-high room rates and revenue per available room (RevPAR), according to data from real estate analytics provider CoStar.
The average daily rate (ADR) on the first night of the conference shot up by 1,263.2% year-over-year to AZN 2,256.69, while RevPAR grew by 2,980.4% to AZN 1,981.39. These figures remained above AZN 1,000 throughout the conference, marking the first time Baku has experienced such high hotel room rates.
The hotel occupancy rate peaked at 90.2% on 13 November. Thomas Emanuel, STR’s Regional Director for Europe, highlighted how the UN Climate Change Conference consistently benefits host cities in terms of hotel occupancy and ADR. The next host city, Belem in Brazil, is expected to see similar success.
Categories: Trends