LONDON – The hotel industry in the Central/South America region reported occupancy growth and nearly flat room rates during Q2 2017, according to data from STR.

U.S. dollar constant currency, Q2 2017 vs. Q2 2016

Central/South America

  • Occupancy: +1.0% to 54.2%
  • Average daily rate (ADR): -0.3% to US$97.39
  • Revenue per available room (RevPAR): +0.7% to US$52.75

Local currency, Q2 2017 vs. Q2 2016

Brazil

  • Occupancy: -1.3% to 50.4%
  • ADR: -8.1% to BRL260.74
  • RevPAR: -9.3% to BRL131.52

Performance declines were anticipated for Brazil due to the current political and economic environment. Significant supply growth (+4.2% year over year) and a comparison with higher rate months prior to the 2016 Rio Olympics also played a role. That trend was most visible in Rio de Janeiro, where occupancy was down 12.5% and ADR dropped 18.0% in year-over-year comparisons.

Costa Rica

  • Occupancy: +6.8% to 68.2%
  • ADR: +12.8% to CRC76,300.47
  • RevPAR: +20.4% to CRC52,067.53

The absolute occupancy level was the highest for a Q2 inCosta Rica since 2008. In addition to strong demand growth, continued flat supply helped occupancy and ADR levels for the fifth consecutive quarter. The double-digit ADR growth is in line with inflation levels in the country. At the market level, San Jose recorded strong RevPAR growth of 14.6%.

Panama

  • Occupancy: +0.3% to 50.0%
  • ADR: -7.0% to PAB92.85
  • RevPAR: -6.7% to PAB46.40

The absolute occupancy level was the highest for a Q2 in Panama since 2013, but the ADR level was the lowest since 2006. ADR has decreased year over year for 12 straight months.

About STR

STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. 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.

Alex Anstett
Media & Communications Coordinator - STR
STR

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