Central/South America hotel performance for Q1 2018
Hotels in the Central/South America region reported positive Q1 2018 performance results, according to data from STR. STR's sample comprises more than 59,000 hotels and 8.0 million hotel rooms around the globe. Contact firstname.lastname@example.org for additional market data.
Key Q1 Takeaways:
- Argentina posts best Q1 occupancy since 2008
- Chile reports lowest Q1 RevPAR since 2010
- Colombia registers highest Q1 occupancy since 2011
U.S. dollar constant currency, Q1 2018 vs. Q1 2017
- Occupancy: +4.5% to 57.6%
- Average daily rate (ADR): +7.9% to US$108.70
- Revenue per available room (RevPAR): +12.8% to US$62.60
Local currency, Q1 2018 vs. Q1 2017
- Occupancy: +7.5% to 63.6%
- ADR: +28.3% to ARS2,350.20
- RevPAR: +38.0% to ARS1,493.79
The absolute occupancy level was the highest for a first quarter in Argentina since 2008. An occupancy increase in March (+4.5%) was the 15th consecutive month of occupancy growth for the country. Demand growth in Buenos Aires
was the highest for Q1 since 2010. The Lollapalooza music festival helped push RevPAR (+73.0%) during 16-18 March.
STR analysts also note that inflation continues to influence ADR in the country.
- Occupancy: -2.5% to 66.7%
- ADR: -5.2% to CLP75,139.81
- RevPAR: -7.6% to CLP50,146.52
Due primarily to supply growth, absolute RevPAR was the lowest for a first quarter in the country since 2010. At the market-level, Santiago reported a 0.6% Q1 decrease in RevPAR, which was due to a 2.5% decline in ADR. Occupancy in the market was more stable as growth on weekends overshadowed declines during the week.
- Occupancy: +5.4 to 58.5%
- ADR: +1.8% to COP272,687.74
- RevPAR: +7.3% to COP159,612.10
Positive performance was mainly driven by January and February, as a slowdown in demand growth (+3.3%) for March allowed occupancy comparisons to fall into negative territory (-0.2%). Regardless, absolute occupancy was the highest for a first quarter in Colombia since 2011. When looking at market-level data, Bogotá experienced its highest Q1 occupancy level since 2012. ADR in the market decreased 3.2%. Bogotá's occupancy and RevPAR growth was highest on 16 March, helped by a Depeche Mode concert at Parque Simon Bolivar and a FIFA council meeting.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.