STR reports hotel performance in Central and South America
The consultancy stresses that Rio de Janeiro registered growth in ADR and RevPAR in August for the fourth consecutive month and Panama City experienced the lowest occupancy rate
Hotels in the Central/South America region reported positive performance results during August 2018, according to data from STR.
U.S. dollar constant currency, August 2018 vs. August 2017
Central/South America
Occupancy: +2.3% to 59.3%
Average daily rate (ADR): +8.2% to US$101.31
Revenue per available room (RevPAR): +10.7% to US$60.10
Local currency, August 2018 vs. August 2017
Rio de Janeiro
Occupancy: +19.6% to 52.3%
ADR: +5.7% to BRL341.80
RevPAR: +26.3% to BRL178.80
Hotel performance in Rio de Janeiro was driven by a 13.9% increase in demand (room nights sold). ADR and RevPAR grew for the fourth consecutive month. STR analysts note that year-over-year percentage changes were also helped by a comparison with a month in 2017 that included double-digit performance declines.
Panama City
Occupancy: -10.0% to 46.1%
ADR: +2.6% to PAB88.68
RevPAR: -7.6% to PAB40.89
The absolute occupancy and RevPAR levels were the lowest for any August on record in Panama City. A continued drop in demand paired with consistent growth in supply has led to negative performance results.