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STR: Central/South America hotel performance for August 2016

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STR: Central/South America hotel performance for August 2016
Hotels in the Central/South America region recorded mostly positive results in the three key performance
metrics when reported in U.S. dollar constant currency, according to August 2016 data from STR.Compared
with August 2015, the Central/South America region reported nearly flat occupancy (-0.4% to 70.1%).
Average daily rate (ADR), however, increased 3.3% to US$125.13, and revenue per available room (RevPAR)
grew 2.9% to US$87.69. Performance of featured countries for August 2016 (local currency, year-over-year
comparisons):Chile experienced a 3.9% increase in occupancy to 65.0%, but an 8.4% drop in ADR to
CLP75,177.74 dragged RevPAR down 4.8% to CLP48,879.41. STR analysts cite the ADR comparison base
from August 2015, Chile’s highest on record for the month, as the reason behind the decline in the metric.
However, the number of rooms sold in the country eclipsed 660,000 for the first August on record, thanks in
part to strong tourism. According to the Chilean Undersecretary of Tourism, 5.6 million international visitors
are expected to enter Chile for total-year 2016 – which would top last year’s record-high 4.4 million
visitors.Costa Rica posted increases across the key performance metrics. Occupancy in the country rose
9.4% to 63.8%; ADR was up 6.8% to CRC66,406.70; and RevPAR increased 16.8% to CRC42,347.92. Costa
Rica has reported 29 consecutive months of RevPAR growth in a 12-month moving average. According to the
Costa Rican Tourism Institute, the number of visitor arrivals to the country increased 12.3% during the first
half of 2016, and visitor spending reached a record level for the first six months of the year.El Salvador
reported increases in each of the three metrics: occupancy (+7.2% to 67.8%), ADR (+5.3% to US$97.98)
and RevPAR (+12.8% to US$66.39). STR analysts note that supply in El Salvador remained flat through the
first eight months of 2016 after decreasing slightly (-0.4%) for total-year 2015. In addition, safety in the
country is improving with a 13.3% decrease in homicides through mid-September, according to the Policia
Nacional Civil.Performance of featured markets for August 2016 (local currency, year-over-year
comparisons):Rio de Janeiro, Brazil, host to the Summer Olympics, reported substantial increases across the
board: occupancy (+26.6% to 76.0%), ADR (+199.2% to BRL1,250.27) and RevPAR (+278.6% to
BRL949.85). STR analysts highlight the spike in ADR as the driver of RevPAR. According to officials, the
Olympics attracted 1.17 million tourists who spent an average of BRL424 per day.Quito, Ecuador, saw double-
digit declines in occupancy (-20.0% to 46.1%) and RevPAR (-17.1% to US$48.35). ADR was up 3.6% to
US$104.93. The market’s occupancy has dropped by double figures each month this year with year-to-date
supply growth (+5.3%) significantly outweighing demand (-16.3%). According to STR analysts, economic
issues stemming from lower oil prices have hurt hotel performance in Ecuador, and earthquake activity has
only worsened matters.Bogotá, Colombia, recorded growth in occupancy (+8.0% to 60.5%) and RevPAR
(+6.0% to COP176,254.77). ADR in the market was down 1.9% to COP291,462.58. Bogotá’s RevPAR has
grown in year-over-year comparisons each month in 2016.A note to editors: As of 1 March 2016, all
references to STR data and analysis should cite “STR” as the source. Please refrain from citing “STR, Inc.”
“Smith Travel Research” or “STR Global” in sourcing as those names no longer fit within the updated STR
brand.Additional Performance DataAre you a member of the media looking for performance data for a hotel
market not included in this release? STR’s sample comprises nearly 55,000 hotels and more than 7.4 million
hotel rooms around the globe. Please contact media@strglobal.com for additional data requests.

Source: Hospitality News
STR: Central/South America hotel performance for August 2016

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