In August, hotel occupancy reached 72.3% of the 2019 comparable, which was the region’s highest level since February 2020, as corporate cities continue to suffer from border closures and restrictions as well as lack of a MICE segment or international demand. However, most markets reached more than 50% of 2019 levels, led by Santiago (66.2%) and Quito (66.0%).
On the other side of the performance spectrum, Buenos Aires’ hotels continue to struggle to generate momentum at just 27.6% of 2019 levels.
As noted in a previous piece, beach destinations have been leading performance in Latin America thanks to heavier reliance on domestic demand, which is the primary source of rooms sold in the region.
In August, Cartagena occupancy reached 88.9% of the market’s 2019 comparable. That was slightly below July (95.5%) but higher than June (85.8%).
Among other STR-defined markets, Rio de Janeiro came in second in August, at 87.7% of 2019 comparables, while Costa Rica Regional was at 84.9%.
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