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Analyses

The Cannes Film Festival boosts hotel activity

A few days from the end of the 66th Cannes Film Festival, MKG Hospitality reveals the first hotel activity trends of the city over the period. If the event had a multiplier effect, the results of the “Croisette” have kept up with the results from last year.

The most reputed international gathering in the French Riviera has once again brightened up hotel activity in Cannes, particularly on the upscale and luxury markets. During the period extending from the 15th to the 22nd of May, Cannes occupancy rates and daily average prices have soared, reaching averages of respectively 94.4% and 986.6 Euros. Consequently, Revenue per available room (RevPAR) is at 931.5 Euros.As a veritable gathering of international personalities from the film industry, the opening ceremony of the 15th of May is at the heart of the highest average prices during the eight days of the festival (outside of the closing ceremony which will take place on the 26th of May). They achieved an average of 1 044.3 Euros for Wednesday night, 8.5% higher than that recorded during the opening ceremony of the previous year. Occupancy rates, on the other hand, show a decrease of 4.1 points. The drop in occupancy rates as compared to last year is a trend that concerns the entirety of the 66th edition, the victim of fickle but mostly rainy weather. They posted a drop of 3 points over the eight-day period, justly made up for by the increase of 3.5% in average prices. Cannes hoteliers have also been able to maintain their RevPAR performance over the zero mark, at 0.3%.In comparison to the 2011 Cannes Film Festival, the city’s hotel activity performance increase is more obvious, with a RevPAR increase of 12.2%.

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