STR: Central/South America 2018 hotel performance
According the report, Buenos Aires experiences highest yearly occupancy level since 2012 and Rio de Janeiro performance somewhat mixed amid uncertain economic climate
Hotels in the Central/South America region reported positive, but inflation-affected performance results in 2018, according to data from STR.
U.S. dollar constant currency, 2018 vs. 2017
Occupancy: +1.9% to 57.4%
Average daily rate (ADR): +21.8% to US$118.89
Revenue per available room (RevPAR): +24.1% to US$68.25
STR analysts note that ADR and RevPAR figures were pushed upward due to inflation in key countries throughout the year.
Local currency, 2018 vs. 2017
Buenos Aires, Argentina
Occupancy: +1.0% to 69.7%
ADR: +88.4% to ARS3,914.77
RevPAR: +90.3% to ARS2,727.55
Buenos Aires experienced its highest yearly occupancy level since 2012. STR analysts attribute that development to a large number of events held in the market in 2018, such as the WTTC Global Summit (18-19 April), the Youth Olympic Games (6-18 October) and TravelMart Latin America (19-21 September). The significant jump in rates was due to the inflation of the Argentine peso.
Rio de Janeiro
Occupancy: +9.9% to 51.2%
ADR: +0.4% to BRL363.54
RevPAR: +10.4% to BRL186.10
Yearly occupancy increased in the market for the first time since 2011. However, STR analysts note that the absolute value in the metric remained low due to lost tourism that came as a result of the economic crisis and security concerns in Brazil. Supply decreased 4.2% as a lack of consistent corporate and leisure business made it difficult for some properties to operate.