Beyond users reach 16% + RevPAN during the Paris Olympics!

The Paris Olympics delivered unforgettable moments that captivated the world, igniting unprecedented excitement among spectators and participants alike. Organizers reported a remarkable average of 90,000 tickets sold per day, breaking previous records set by the 1996 Atlanta Games. The opening ceremony was a resounding success, becoming the most-watched program in French television history. The Games' events attracted massive crowds, with the bustling Villettes fan zone—complete with giant screens and entertainment—drawing thousands of enthusiastic supporters daily.

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This wave of enthusiasm significantly benefited the short-term rental market, as visitors flocked to Paris to soak in the Olympic atmosphere. Notably, Beyond users capitalized on this surge, achieving an impressive 16% increase in Revenue Per Available Night (RevPAN). This boost underscores the powerful impact of the Olympics on local businesses, particularly within the hospitality sector. The Games not only provided memorable sporting moments but also invigorated the local economy, highlighting Paris as a premier destination for both sports and culture enthusiasts.

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Performance Highlights: Surging Occupancy and Strategic Price Adjustments 

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Recent insights from Beyond highlight remarkable trends in the short-term rental market during the Paris Olympics:

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• The Games led to an increase in bookable nights, with the number more than doubling and last-minute occupancy rates soaring by 15 points to an impressive average of 47%. Just a month prior, occupancy was at a modest 32%.

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• Before the Olympics, the average daily rate (ADR) was on a downward trajectory due to inflated price expectations and a surge in supply. However, beginning July 17, a strategic pivot saw ADR climb by 43%, culminating in a rate that was 53% higher than the previous year during the same period.

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• The Olympics wielded a transformative effect on Revenue Per Available Night (RevPAN), which surged by an astounding 95% compared to the annual average and doubled from the previous year. These figures vividly illustrate the Games' potent impact on the short-term rental sector.

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• Furthermore, the average stay during the Olympics extended to 4.5 days, slightly longer than the annual average, with most bookings spanning between 2 to 4 days. This trend showcases the appeal of the Olympics as a draw for extended visits, enriching the local rental market dynamic.

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Beyond’s Winning Strategy for Revenue Management

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Pricing for unique events poses notable challenges, yet Beyond users triumphed during the Paris Olympics: They achieved a remarkable 16% higher Revenue Per Available Night (RevPAN) compared to their competitors in the market. This success underscores the effectiveness of Beyond's strategic pricing approach.

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At the heart of this strategy is Beyond’s advanced algorithm, which expertly balances nightly rates. By leveraging the industry’s most comprehensive dataset, the algorithm synchronizes demand with pricing, ensuring listings are perfectly positioned for optimal bookings at the right price and time.

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Beyond’s seasoned team brings invaluable expertise in event pricing, dedicating substantial effort to tracking and monitoring events. This vigilance allows clients to keep their calendars open longer and enhances their booking success.

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The aggressive yet balanced pricing strategy Beyond adopted avoided unrealistic rates that might deter guests and minimized the need for last-minute discounts. Real-time market trends in Paris were meticulously followed to align with consumer demand. For unique properties, Beyond’s revenue experts crafted customized, data-driven strategies in collaboration with partners, utilizing a broad range of features.

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The success of Beyond users during the Olympics provides insightful lessons for the industry, highlighting the critical importance of understanding market dynamics, optimizing occupancy, and navigating pricing strategies effectively. In the competitive short-term rental landscape, Beyond demonstrates that success is rooted not merely in participation but in strategic execution.

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Want to know how Beyond can help you to increase your revenue? Contact us now.

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