STR: South America demand outpacing supply for first time since 2011
BUENOS AIRES – South America hotel demand is growing at a quicker pace than supply for the first time since 2011, according to data and analysis from Boo covered the region's supply/demand dynamic and hotel performance during her presentation earlier today ahead of the World Travel and Tourism Council Global Summit. The media contacts listed below can provide Boo's full presentation slide deck and arrange interviews for further comment.
For total-year 2017, South America's occupancy increased 2.2% to 55.9%, and average daily rate (ADR) was up 0.5% to US$104.07. As a result, revenue per available room (RevPAR) grew 2.7% US$58.20.
At the market-level, Buenos Aires posted one of the top RevPAR growth rates at +29.1%. That came as a result of 11.3% growth in occupancy to 68.7% and a 16.1% spike in ADR to ARS2,147.01. "Buenos Aires showed strong performance across each day of the week with little fluctuation. We see that pattern as an indicator of strong business and leisure performance," Boo said. "The market is a top destination for MICE (Meetings, incentives, conferences and exhibitions) business, and with a boost from events like the WTTC, Youth Olympic Games and G20 summit, we forecast occupancy to surpass 70% in 2018 with ADR growth being the primary driver of RevPAR growth."
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
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