10 May, 2016
Rio Hotels Brace for the Olympics
Rio de Janeiro will host the 2016 Summer Olympics in August, followed by the Paralympics in September. Since 2009, when it was announced as the 2016 host city, Rio’s hotel supply has been steadily increasing year-over-year.
10 May, 2016
With the Olympics just months away, here are the top things to know about how the world’s biggest sporting event is changing Rio’s hotel landscape.
- Rio’s supply grew 10.9% in 2015, and 12.8% for year-to-date 2016 (as of the end of March). Since the start of 2015, more than 3,300 rooms have joined the city’s hotel market, and 75% of the new additions opened in the Barra da Tijuca area.
- Between May and August, an additional 4,000 rooms will open in Rio. According to STR’s pipeline report, this growth over the next few months is expected to push the market’s existing supply count of over 25,000 rooms up to almost 30,000 rooms. This translates into a 17% growth within less than half a year.
- In the 12 month period leading up to the 2014 FIFA World Cup, Rio’s hotel supply increased at an average of 3.0% each month. Since April 2015, it has increased at an average of 12.2% each month (as of March, 2016). Demand is also starting to pick up, with a growth of 10.5% in Q1 2016.
Click here for more information about STR's census and pipeline data.