Hotels in Central and South America reported occupancy rose 4.5% to 57.6% in March. ADR increased 7.9% to $108.70 and RevPAR rose 12.8% to $62.60.
LONDON—Hotels in the Central/South America region reported positive Q1 2018 performance results, according to data from STR.
U.S. dollar constant currency, Q1 2018 vs. Q1 2017
• Occupancy: +4.5% to 57.6%
• Average daily rate (ADR): +7.9% to US$108.70
• Revenue per available room (RevPAR): +12.8% to US$62.60
Local currency, Q1 2018 vs. Q1 2017
• Occupancy: +7.5% to 63.6%
• ADR: +28.3% to ARS2,350.20
• RevPAR: +38.0% to ARS1,493.79
The absolute occupancy level was the highest for a first quarter in Argentina since 2008. An occupancy increase in March (+4.5%) was the 15th consecutive month of occupancy growth for the country. Demand growth in Buenos Aires was the highest for Q1 since 2010. The Lollapalooza music festival helped push RevPAR (+73.0%) during 16-18 March.
STR analysts also note that inflation continues to influence ADR in the country.
• Occupancy: -2.5% to 66.7%
• ADR: -5.2% to CLP75,139.81
• RevPAR: -7.6% to CLP50,146.52
Due primarily to supply growth, absolute RevPAR was the lowest for a first quarter in the country since 2010. At the market-level, Santiago reported a 0.6% Q1 decrease in RevPAR, which was due to a 2.5% decline in ADR. Occupancy in the market was more stable as growth on weekends overshadowed declines during the week.
• Occupancy: +5.4 to 58.5%
• ADR: +1.8% to COP272,687.74
• RevPAR: +7.3% to COP159,612.10
Positive performance was mainly driven by January and February, as a slowdown in demand growth (+3.3%) for March allowed occupancy comparisons to fall into negative territory (-0.2%). Regardless, absolute occupancy was the highest for a first quarter in Colombia since 2011. When looking at market-level data, Bogotá experienced its highest Q1 occupancy level since 2012. ADR in the market decreased 3.2%. Bogotá’s occupancy and RevPAR growth was highest on 16 March, helped by a Depeche Mode concert at Parque Simon Bolivar and a FIFA council meeting.
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