Hotels in the Americas region recorded positive results in two of the three key performance metrics when reported in U.S. dollar constant currency, according to August 2015 data compiled by STR, Inc. and STR Global.
Compared to August 2014, the Americas region reported a 1.5% decrease in occupancy to 70.6%; average daily rate was up 4.1% to US$122.89; and revenue per available room increased 2.6% to US$86.71.
Performance of featured countries for August 2015 (local currency, year-over-year comparisons):
Chile experienced a 7.9% decrease in occupancy to 61.3%. However, ADR was up 12.7% to CLP85,582.04, and RevPAR increased 3.8% to CLP52,466.78. The country hosted Copa América in June and early July, and according to STR Global analysts, the tournament led to the displacement of tourist arrivals in August. However, the rise in ADR favored U.S. Dollar countries, and RevPAR increased as a result.
Ecuador reported decreases in the three key performance metrics: occupancy (-6.6% to 65.8%), ADR (-1.8% to US$99.17) and RevPAR (-8.2% to US$65.26). A 2.4% year-over-year decrease in demand in the country coincided with anti-government protests as well as the awakening of the Cotopaxi volcano.
Peru saw occupancy fall 7.6% to 67.5%, but the country’s ADR (+17.6% to PEN469.07) and RevPAR (+8.6% to PEN316.56) each increased. STR Global analysts cite comparison to a strong August in 2014 as a reason for the occupancy decrease. At the same time, the strength of the Peruvian economy has led to 14 consecutive months of year-over-year increases in ADR.
Performance of featured markets for August 2015 (local currency, year-over-year comparisons):
Lima, Peru, saw a 13.6% decline in occupancy to 68.5%. However, ADR was up 19.3% to PEN501.10, and RevPAR increased 3.1% to PEN343.18. Similar to the August performance of Peru, Lima was unable to match strong occupancy levels from last August. STR Global analysts also note a decline in leisure visitors in the market. However, economic strength allowed for a push in ADR.
Rio de Janeiro, Brazil, reported nearly flat occupancy (+0.6% to 64.7%) along with increases in ADR (+4.9% to BRL450.61) and RevPAR (+5.5% to BRL291.55). The market improved on the performance of August 2014, which produced double-digit declines in both occupancy and RevPAR.
Santiago, Chile, experienced a 9.2% decrease in occupancy to 63.7%. However, ADR was up 14.7% to CLP92,153.60, and RevPAR increased 4.2% to CLP58,697.98. According to STR Global analysts, a dry winter affected the number of ski tourist arrivals in the market. Thus, supply growth (+2.3%) outweighed demand (-7.1%).