STR: Central/South America hotel performance for April 2019
- Cusco hotel business thrives thanks to Semana Santa
- Bogotá performance drops with less business travel around the Easter
U.S. dollar constant currency, April 2019 vs. April 2018
- Occupancy: -3.2% to 56.6%
- Average daily rate (ADR): -18.5% to US$98.03
- Revenue per available room (RevPAR): -21.1% to US$55.48
Local currency, April 2019 vs. April 2018
- Occupancy: +4.8% to 73.7%
- ADR: 14.4% to PEN500.33
- RevPAR: +19.9% to PEN368.96
STR analysts note that the absolute ADR level was significantly higher than recent April averages in the market. Demand was up 6.3% for the month, largely driven by Semana Santa, which pushed occupancy for the week leading up to Easter to 86.1% and ADR to PEN613.13.
- Occupancy: -9.7% to 53.3%
- ADR: +3.0% to COP277,346.88
- RevPAR: -7.0% to COP147,834.46
The poor performance was due to a mix of meaningful supply growth (+4.9%) and lower demand (-5.4%) in the market. According to STR analysts, that drop in demand was largely due the Easter calendar shift from 1 April in 2018 to 21 April in 2019. With more days around the holiday falling in April this year, performance comparisons were effected as business demand is slower around Easter. Bogotá is a market largely dependent on business travel.
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.