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STR: Central/South America hotel performance for February 2019

March 30, 2019 Hotel Trends No Comments Email Email

Hotels in the Central/South America region reported mixed performance results in February 2019, according to data from STR.
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U.S. dollar constant currency, February 2019 vs. February 2018

Central/South America

  • Occupancy: +2.9% to 59.5%
  • Average daily rate (ADR): -9.3% to US$96.49
  • Revenue per available room (RevPAR): -6.7% to US$57.38

Local currency, February 2019 vs. February 2018

Lima, Peru 

  • Occupancy: -9.6% to 55.9%
  • ADR: +1.5% to PEN421.39
  • RevPAR: -8.2% to PEN235.75

STR analysts partially attribute the decline in occupancy to a 6.1% rise in supply as the market prepares for the Pan American Games this summer. Demand (-4.1%) was also a factor in the lower performance. Oxford Economics expects international arrivals to decrease 4.0% in 2019. 

Panama City

  • Occupancy: +7.9% to 60.9%
  • ADR: +3.4% to PAB98.47
  • RevPAR: +11.5% to PAB59.95

An 8.0% jump in demand was the largest for any month in the market since October 2017. As a result, the absolute occupancy level was the highest for a February in Panama City since 2014. STR analysts note the market is celebrating its 500th birthday this year and was appointed as the Ibero-American Capital of Culture, which should help tourism. Oxford Economics expects international arrivals to grow 10.0% this year. 

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