Hotel industry in Bogota reports highest RevPAR on record in March 2023

Thursday, April 13, 2023

Bogotá’s hotel industry experienced a significant boost in March 2023, reporting its highest ever average daily rate (ADR) and revenue per available room (RevPAR), according to preliminary data from STR.

The increase in business travel was a key factor behind the surge. The market’s occupancy level rose to 69.8%, its highest level since November 2022, with five days of occupancy above 80%.

 The occupancy rate peaked on Wednesday, 22 March, reaching 85.3%, a positive sign for the industry’s recovery. The ADR reached COP 406,329.13, while RevPAR hit COP 283,530.04.

 The data highlights the hotel industry’s resilience and its ability to recover from the challenges brought about by the pandemic. The industry’s strong performance is an indication of the confidence of travelers in the safety measures implemented by hotels, and their willingness to resume travel, especially for business purposes.

 The data also reflects the impact of the government’s efforts to promote the country as a safe and attractive destination for international travelers. Overall, the hotel industry’s recovery is a positive sign for the economy, as it signals a gradual return to pre-pandemic levels of economic activity.

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