STR reports hotel performance in Mexico and the Caribbean

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STR reports hotel performance in Mexico and the Caribbean
Tue January 29, 2019

Mexico’s hotel industry reported mixed performance results during 2018 and the Caribbean hotel industry showed lower occupancy, but record-breaking average daily rate (ADR) during 2018 


Mexico’s hotel industry reported mixed performance results during 2018, according to data from STR. 

Compared with 2017:
Occupancy: -1.3% to 63.1%
Average daily rate (ADR): -0.6% to MXN2,300.04
Revenue per available room (RevPAR): -1.9% to MXN1,450.53​
Although in line with previous year’s averages, STR analysts note that the absolute occupancy was the lowest for any year in the country since 2014. The dip in occupancy came as a result of healthy supply growth (+2.4%) and softened demand (+1.1%) that was likely influenced by political and economic uncertainty, along with safety concerns and U.S.-issued travel advisories. 
Among STR’s defined markets for the country, Mexico Northeast registered the largest increases in each of the three key performance metrics: occupancy (+5.0% to 65.8%), ADR (+4.5% to MXN1,272.75) and RevPAR (+9.7% to MXN837.86). Based on number of hotels, the largest cities included in this market are Monterrey, Saltillo and Tampico.
Mexico City experienced the second-highest rise in occupancy (+3.0% to 69.2%), which resulted in the only other jump in RevPAR (+4.0% to MXN1,706.93).  
Mexico Central North reported the largest drop in RevPAR (-4.8% to MXN1,037.37), due primarily to the second-steepest decline in occupancy (-3.6% to 61.0%). This market includes Guadalajara and Puerto Vallarta.  
Mexico Central South saw the largest decrease in occupancy (-3.9% to 52.8%) and the second-largest drop in RevPAR (-3.1% to MXN580.45). The highest hotel counts in this market belong to Oaxaca and Acapulco.  
The Yucatan Peninsula posted the only other decline in ADR (-0.6% to MXN3,691.76). 

The Caribbean hotel industry reported lower occupancy, but record-breaking average daily rate (ADR) during 2018, according to data from  STR. 

Compared with 2017:
Occupancy: -1.1% to 65.2%
Average daily rate (ADR): +1.7% to US$207.61
Revenue per available room (RevPAR): +0.6% to US$135.46​

The absolute occupancy level was the lowest in the Caribbean since 2012, but the ADR value was the highest for any year on record in the region. 
“Markets affected by the hurricanes of 2017 are recovering at a pace faster than what we’ve seen historically with previous hurricanes, such as Katrina and even Harvey,” said Rico Louw, STR’s client account manager. “Investment in the region is strong, with nearly 100 projects in the pipeline that are expected to yield an additional 22,000 rooms in the next three to five years. Continued performance growth is projected for U.S. hotel industry, and the Caribbean hopes to mirror that trend.”
In absolute values, March was the Caribbean’s top-performing month for occupancy (74.0%) and RevPAR (US$190.78), while December produced the highest ADR level (US$262.97).  
September was the lowest month of the year for occupancy (48.9%), ADR (US$153.60) and RevPAR (US$75.08).
STR’s census database shows more than 1,900 hotels and 250,000 rooms in the Caribbean.

 

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