Hotel occupancy in Central and South America rose 2.9% to 61.1% in October as ADR increased 9.5% to $97.33 and RevPAR rose 12.7% to $59.51.
LONDON—Hotels in the Central/South America region reported positive performance results during October 2019, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
• Occupancy: +2.9% to 61.1%
• Average daily rate (ADR): +9.5% to US$97.33
• Revenue per available room (RevPAR): +12.7% to US$59.51
Local currency, October 2019 vs. October 2018
• Occupancy: -2.0% to 60.9%
• ADR: +8.6% to COP282,468.51
• RevPAR: +6.4% to COP172,146.63
Supply (+3.2%) outpaced demand (+1.1%) and caused occupancy to fall slightly for the first month since April 2019. STR analysts note that the market hosted local and regional elections for the first time since 2016. The steepest drop in occupancy (-18.7%) for the month came the day before those elections (26 October).
• Occupancy: -8.0% to 63.5%
• ADR: +5.2% to CLP87,831.17
• RevPAR: -3.2% to CLP55,795.81
The absolute occupancy level in Santiago was the lowest for an October since 2004. STR analysts note that negative performance for the month was mainly due to ongoing protests in the country that started in mid-October. Occupancy fell significantly during the last two weeks of the month, with the largest decline occurring on 24 October (-45.8%). However, hoteliers have been able to hold pricing confidence to lessen the impact on RevPAR.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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