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Published on : Thursday, November 26, 2015
Hotels in the Americas region recorded positive results in the three key performance metrics when reported in U.S. dollar constant currency, according to October 2015 data compiled by STR, Inc. and STR Global.
Compared to October 2014, the Americas region reported a 1.2% increase in occupancy to 68.5%; average daily rate was up 5.2% to US$123.74; and revenue per available room increased 6.5% to US$84.80.
Performance of featured countries for October 2015 (local currency, year-over-year comparisons):
Argentina reported a 7.7% decrease in occupancy to 61.0%. A 9.5% rise in ADR to ARS1,141.16 pushed RevPAR up 1.0% to ARS696.17. The absolute occupancy in the market was the lowest for any October since 2002. A decrease in demand, especially in the corporate segment, has contributed to lower occupancy in the country. According to STR Global analysts, election season and a sluggish economy have the country in what appears to be a standstill situation.
Brazil saw decreases in occupancy (-5.6% to 59.2%) and RevPAR (-3.3% to BRL165.08). ADR in the country was up 2.4% to BRL279.06. The negative performance in occupancy and RevPAR follows a trend that began in August 2014, the first month after the FIFA World Cup.
El Salvador experienced a 1.5% increase in occupancy to 69.2%, a 2.3% rise in ADR to US$97.58 and a 3.8% lift in RevPAR to US$67.56. The country, famous for its surfing conditions, draws more than 1 million foreign visitors annually according to The World Bank. STR Global analysts point to that steady flow in visitors as reason for positive performance even in a time of gang violence in the nation.
Performance of featured markets for October 2015 (local currency, year-over-year comparisons):
Lima, Peru, saw occupancy fall 8.3% to 76.5%. However, ADR (+63.5% to PEN721.40) and RevPAR (+50.0% to PEN551.82) in the market increased greatly thanks to the Annual Meetings of the Board of Governors of the World Bank Group (5-12 October).
San José, Costa Rica, reported increases in occupancy (+8.0% to 59.7%) and RevPAR (+1.7% to CRC29,764.51). However, ADR dropped 5.8% to CRC49,837.53. According to STR Global analysts, the International Conference on Impunity for Crimes against Journalists (9 October) helped demand but failed to ignite ADR.
Quito, Ecuador, experienced declines in occupancy (-9.6% to 68.0%) and RevPAR (-9.6% to US$72.19). ADR in the market remained flat at US$106.13. A decrease in demand in the market came after months of activity from the Cotopaxi Volcano.
Source: STR Global.