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STR: Central/South America hotel performance for Q2 2017

July 29, 2017 Hotel Trends No Comments Email Email

The hotel industry in the Central/South America region reported occupancy growth and nearly flat room rates during Q2 2017, according to data from STR.http://www.granmonte.com/

U.S. dollar constant currency, Q2 2017 vs. Q2 2016

Central/South America 

  • Occupancy: +1.0% to 54.2%
  • Average daily rate (ADR): -0.3% to US$97.39
  • Revenue per available room (RevPAR): +0.7% to US$52.75

Local currency, Q2 2017 vs. Q2 2016

Brazil 

  • Occupancy: -1.3% to 50.4%
  • ADR: -8.1% to BRL260.74
  • RevPAR: -9.3% to BRL131.52

Performance declines were anticipated for Brazil due to the current political and economic environment. Significant supply growth (+4.2% year over year) and a comparison with higher rate months prior to the 2016 Rio Olympics also played a role. That trend was most visible in Rio de Janeiro, where occupancy was down 12.5% and ADR dropped 18.0% in year-over-year comparisons.

Costa Rica

  • Occupancy: +6.8% to 68.2%
  • ADR: +12.8% to CRC76,300.47
  • RevPAR: +20.4% to CRC52,067.53

The absolute occupancy level was the highest for a Q2 in Costa Rica since 2008. In addition to strong demand growth, continued flat supply helped occupancy and ADR levels for the fifth consecutive quarter. The double-digit ADR growth is in line with inflation levels in the country. At the market level, San Jose recorded strong RevPAR growth of 14.6%.

Panama

  • Occupancy: +0.3% to 50.0%
  • ADR: -7.0% to PAB92.85
  • RevPAR: -6.7% to PAB46.40

The absolute occupancy level was the highest for a Q2 in Panama since 2013, but the ADR level was the lowest since 2006. ADR has decreased year over year for 12 straight months.

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