The international real estate show for professionals (The Marché International des Professionnels d'Immobilier), otherwise known as MIPIM, took place last March and had a very impressive effect on ADR growth, averaging +17.8%, as data from MKG Hospitality demonstrates.
The MIPIM real estate trade show in Cannes is an annual gathering in the French Riviera that gathered over 19,400 participants during a four-day period, from Tuesday 6 March to Friday 9 March 2012, according to organizers. Data from MKG Hospitality shows a very successful RevPAR, towed primarily by the Average Daily Rate. The first two days of the event were more popular for hotel OR, as Tuesday and Wednesday showed positive growth rates, whilst Thursday and Friday were negative. The end-result was -3.1% average OR growth rate for the four-day event. Hoteliers were confident enough to increase their ADR by impressive amounts, reaching +34% on Friday, probably to accommodate international travelers who wanted to extend their stay in France with a weekend in Cannes after MIPIM. This impressive hike brought the ADR average growth rate to 17.8%. As a result, RevPAR followed suit, averaging a +13.2% growth rate for the entire period.
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