Compared with April 2015, the Central/South America region reported a 1.5% decrease in occupancy to 56.4%. However, ADR was up 6.4% to US$93.39, and RevPAR grew 4.8% to US$52.62.
Performance of featured countries for April 2016 (local currency, year-over-year comparisons):
Brazil reported decreases across the three key performance metrics: occupancy (-3.3% to 53.5%), ADR (-1.6% to BRL291.60) and RevPAR (-4.8% to BRL156.07). Demand growth (+0.3%) was relatively flat for the month, while the country’s supply (+3.7%) increased more than 3.0% for the eighth consecutive month. STR analysts believe that the strengthening of the Brazilian Real should bode well for the industry with a boost of international tourism expected for the Summer Olympics.
Panama saw a 3.2% increase in occupancy to 53.6%, but an 11.3% drop in ADR to PAB101.31 pushed RevPAR down 8.5% to PAB54.26. Supply growth remained mostly flat at +0.1% for the second straight month, the lowest performance figures in the metric since April 2008. Even with the occupancy increase, absolute occupancy and rates have remained low after five consecutive years (2010-2014) of double-digit supply growth.
Peru experienced decreases in occupancy (-10.3% to 63.7%) and RevPAR (-9.3% to PEN289.49). ADR in the country increased 1.1% to PEN454.44. April 2015 was the only April on record with occupancy above 70.0% in Peru, thus creating a difficult-to-match comparison. In addition, supply growth (+2.6%) has been above 2.0% in five consecutive months, while demand has dropped in nine straight months.
Performance of featured markets for April 2016 (local currency, year-over-year comparisons):
Bogotá, Colombia, saw an 8.7% rise in occupancy to 60.6% with double-digit growth in ADR (+10.9% to COP298,891.99) and RevPAR (+20.6% to COP181,083.29). April was the 15th consecutive month with RevPAR growth in the market. While rate drove performance in 2015, both occupancy and rate have contributed thus far in 2016. Demand grew 12.5% in April, outpacing a 3.4% lift in supply.
Buenos Aires, Argentina, reported a 7.8% increase in occupancy to 66.0% as well as a significant spike in ADR (+67.9% to ARS1,903.63) and RevPAR (+81.0% to ARS1,256.63). ADR has increased more than 50.0% year over year each month since the beginning of 2016 after the government lifted currency restrictions in the country in December. A second consecutive month with solid demand increases drove occupancy performance. STR analysts attribute the performance in part to a strong return of group demand.
Cusco, Peru, experienced double-digit declines in occupancy (-18.4% to 57.8%) and RevPAR (-22.1% to PEN260.27). ADR was down 4.6% to PEN450.38. STR analysts attribute the performance to a significant supply increase specific to the Upscale and Midscale classes as well as demand declines in the Luxury and Upper Upscale classes.
Additional performance data
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