In October, hotels in Central and South America saw occupancy dip 1.6% to 59.2%, but a 13.1% ADR leap to $109.56 drove RevPAR up 11.3% to $64.91.
- Bogotá hotel rates rise even with lower occupancy
- São Paulo hotel performance down during election month
Hotels in the Central/South America region reported mixed performance results during October 2018, according to data from STR.
U.S. dollar constant currency, October 2018 vs. October 2017
• Occupancy: -1.6% to 59.2%
• Average daily rate (ADR): +13.1% to US$109.56
• Revenue per available room (RevPAR): +11.3% to US$64.91
Local currency, October 2018 vs. October 2017
• Occupancy: -7.8% to 61.0%
• ADR: +3.0% to COP272,088.72
• RevPAR: -5.0% to COP166,049.20
The decline in occupancy came as supply (+4.4%) outpaced demand (-3.7%) for the third consecutive month. STR analysts note that occupancy and ADR levels were higher than usual during the Latin American and Caribbean Agriculture congress (23-26 October).
• Occupancy: -5.2% to 64.2%
• ADR: +4.5% to BRL362.61
• RevPAR: -1.0% to BRL232.71
STR analysts attribute the mixed performance in São Paulo to corporate demand and group events being pushed to September to avoid the election period in October.
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