Milan Hotels Top 85% Ahead of Winter Games

Hotel occupancy in Milan has reached as high as 85.2% on the books ahead of the Winter Olympics, according to data released by CoStar, a leading global provider of real estate analytics and hospitality benchmarking.

Strong occupancy during Olympic period

Four nights within the two-week Olympic window are pacing above 80% occupancy, with the peak on 11 February at 85.2%. The night of the opening ceremony on 6 February stands at 82.9%, ranking as the fourth highest booking level across the event dates.

The lowest occupancy currently recorded during the Olympic period is the closing ceremony night at 71.4%, reflecting a common pattern observed in previous Olympic host cities.

Record February performance expected

CoStar forecasts that Milan’s overall February occupancy will reach 77.9%, marking the highest February level ever recorded in the city. The timing of Milan Fashion Week, scheduled two days after the closing ceremony, is expected to further support demand.

Average daily rate is projected to increase by 48.1% year-over-year in February, highlighting strong pricing power during the combined sports and fashion events.

Structural drivers supporting the market

According to Aoife Roche, Regional Vice President of EMEA Sales at STR, several structural factors are reinforcing performance, including limited hotel supply growth, improved public transportation and Milan’s role as a major international gateway.

Compared with previous Winter Olympic host cities, Milan represents a mid-sized hotel market. The relatively lower inventory base is expected to contribute to higher occupancy levels as official delegations and leisure travelers enter the market.

Investment implications for hospitality

Major global events such as the Winter Olympics typically generate significant short-term demand surges. In Milan’s case, the overlap with fashion and business travel strengthens market resilience and broadens demand segments.

As experts at International Investment note, Milan’s Olympic occupancy performance underscores the strategic value of event-driven tourism in boosting RevPAR and attracting investment into hospitality real estate. If supported by sustained infrastructure and global brand positioning, the benefits may extend beyond the immediate event window.