Industry Update
Press Release26 March 2020

Preliminary Caribbean Hotel Results For Week Ending 21 March

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Str

Note: To inform the industry during the COVID-19 pandemic, STR will temporarily publish weekly communication for the Caribbean based on preliminary data. This preliminary data represents a percentage of STR's total sample for the region. Once monthly processing is complete, data points will likely appear different.

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The Caribbean hotel industry continued steep year-over-year declines in the three key performance metrics during the week of 15-21 March 2020, according to preliminary data from STR.

In comparison with the week of 17-23 March 2019, the Caribbeanreported the following:

  • Occupancy: -61.3% to 30.6%
  • Average daily rate (ADR): -29.1% to US$217.34
  • Revenue per available room (RevPAR): -72.6% to US$66.45

Among data-sufficient islands within the Caribbean region, The Bahamas saw the steepest year-over-year decline in demand (-72.7%). That led to the largest decline in occupancy (-72.7% to 22.1%), which coupled with the largest drop in ADR (-19.5% to US$292.58), caused the steepest decline in RevPAR (-78.0% to US$64.67).

Puerto Rico experienced the second-greatest decline in occupancy (-71.0% to 22.4%) and one of the largest decreases in ADR (-13.5% to US$204.68), which resulted in the second-largest drop in RevPAR (-74.9% to US$45.87).

The Dominican Republic registered a steep decrease in RevPAR (-55.8% to US$51.72), due to a double-digit drop in both occupancy (-49.1% to 38.0%) and ADR (-13.3% to US$136.13).

Barbados was one of the only Caribbean markets to maintain an absolute occupancy above 50% and experienced only a relatively mild decline in ADR compared to the rest of the region. Barbados occupancy declined 41.6% to 52.2%; ADR decreased 6.9% to US$293.76; and RevPAR fell 45.6% to US$153.42.

About STR

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

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