MIPIM 2023 and Film Festival, what are the results and prospects for Cannes?

The reopening of the Carlton Cannes, a Regent Hotel, accompanied a few days earlier by the arrival of Mondrian on the Croisette, demonstrated the depth of the Cannes market during the event. Thus, hoteliers benefited from a very satisfactory performance for the 2023 edition of MIPIM, which also filled the restaurants and bars of the Cannes area. Over the entire event period, hoteliers recorded a double-digit increase in RevPAR compared to 2019. A less obvious delta compared to 2022 where pricing power was already at work. It was indeed the average daily rates that drove the performance upwards.

In Cannes and Mandelieu-la-Napoule, over the whole period, prices have risen by 33.6% compared to 2019 and +13.9% compared to 2022. Monday, Tuesday and Wednesday nights were the most expensive, with an ADR of €1054.5 excluding VAT on 14 March, €1057.7 excluding VAT on 15 March and €1173.3 on 16 March. The reopening of the Carlton Cannes may have had a positive effect on the average daily rates of the destination but it remains obvious that Cannes hoteliers did not hesitate to raise prices in the face of a very constrained demand. Indeed, the occupation rates on Monday 14th and Tuesday 15th March were 95.8% and 96.1%. However, from Wednesday evening onwards occupancy ran out of steam and lost -4.4 points compared to 2022, -10.8 points compared to 2019. Unsurprisingly, on Friday 17 March the properties returned to a relatively low OT of 29.5%, with the vast majority of delegates having left.

Between Cannes and Nice, occupancy is up on 2022 over the four days of the show. However, it remains below 2019 by -1.3 points on the evening of the 15th and -4.6 points on the evening of the 14th. The prices are...