Third-quarter occupancy for hotels in Central and South America rose 1.9% year over year to 59.7%, but a 42.5% ADR decline to $93.10 drove RevPAR down 41.4% to $55.58.
- Quito performance reflects strong demand
- Copa America boosts São Paulo’s performance in July and quarter as a whole
Hotels in the Central/South America region reported mixed performance results during Q3 2019, according to data from STR.
U.S. dollar constant currency, Q3 2019 vs. Q3 2018
• Occupancy: +1.9% to 59.7%
• Average daily rate (ADR): -42.5% to US$93.10
• Revenue per available room (RevPAR): -41.4% to US$55.58
STR analysts note that the region’s ADR and RevPAR comparisons with last year are affected by the fluctuation in Venezuela currency, which occurred during Q3 2018.
Local currency, Q3 2019 vs. Q3 2018
• Occupancy: +3.1% to 62.7%
• ADR: +0.4% to US$99.00
• RevPAR: +3.5% to US$62.11
Demand grew 8.4%, driven by a double-digit rise in the metric during July (+17.3%). STR analysts note that July was the standout month of the quarter, with occupancy and RevPAR producing double-digit growth, +11.5% and +10.6%, respectively.
São Paulo, Brazil
• Occupancy: +0.4% to 67.2%
• ADR: +9.4% to BRL377.22
• RevPAR: +9.9% to BRL253.53
STR analysts note that July was the market’s best performing month of the quarter, helped by Copa America (14 June through 7 July). São Paulo saw increases across each of the three key performance metrics during the month: occupancy (+2.6%), ADR (+10.8%) and RevPAR (+13.6%). Q3 has been the best performing quarter thus far in 2019 in terms of absolute occupancy.
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