In February, hotels in Central and South America saw occupancy rise 2.9% to 59.5% and a 9.3% decline in ADR to $96.49 brought RevPAR down 6.7% to $57.38.
- Lima hotel supply on the rise in preparation for the Pan American Games
- Panama City records best February occupancy since 2014
Hotels in the Central/South America region reported mixed performance results in February 2019, according to data from STR.
U.S. dollar constant currency, February 2019 vs. February 2018
- Occupancy: +2.9% to 59.5%
- Average daily rate (ADR): -9.3% to US$96.49
- Revenue per available room (RevPAR): -6.7% to US$57.38
Local currency, February 2019 vs. February 2018
- Occupancy: -9.6% to 55.9%
- ADR: +1.5% to PEN421.39
- RevPAR: -8.2% to PEN235.75
STR analysts partially attribute the decline in occupancy to a 6.1% rise in supply as the market prepares for the Pan American Games this summer. Demand (-4.1%) was also a factor in the lower performance. Oxford Economics expects international arrivals to decrease 4.0% in 2019.
- Occupancy: +7.9% to 60.9%
- ADR: +3.4% to PAB98.47
- RevPAR: +11.5% to PAB59.95
An 8.0% jump in demand was the largest for any month in the market since October 2017. As a result, the absolute occupancy level was the highest for a February in Panama City since 2014. STR analysts note the market is celebrating its 500th birthday this year and was appointed as the Ibero-American Capital of Culture, which should help tourism. Oxford Economics expects international arrivals to grow 10.0% this year.
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