STR: Central/South America hotel performance for January 2019

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STR: Central/South America hotel performance for January 2019
Wed February 27, 2019

Buenos Aires experiences highest January occupancy since 2012. Pope’s World Youth Day lifts room rates in Panama City. São Paulo posts 18 consecutive months of ADR growth

Hotels in the Central/South America region rreported negative performance results in January 2019, according to data from STR.

U.S. dollar constant currency, January 2019 vs. January 2018

Central/South America​
Occupancy: -0.9% to 55.7%
Average daily rate (ADR): -2.0% to US$99.35
Revenue per available room (RevPAR):  -2.9% to US$55.32

Local currency, January 2019 vs. January 2018

Buenos Aires, Argentina ​
Occupancy: +4.4% to 62.0%
ADR: +103.7% to ARS4,808.29
RevPAR: +112.7% to ARS2,981.09

Buenos Aires experienced its highest January occupancy level since 2012, due in part to a lack of new rooms entering the market. Demand also rose 3.7% year over year. STR analysts attribute the significant jump in ADR to the inflation of the Argentine peso.

Panama City​
Occupancy: -9.3% to 48.1%
ADR: +17.2% to PAB110.89
RevPAR: +6.3% to PAB53.35

STR analysts note that ADR increased 53.7% during 22-27 January as the market hosted Pope Francis and World Youth Day. Occupancy was 9.2% lower than the same days the previous year. Long term, the market has been challenged by low hotel demand and strong supply growth. 

São Paulo​
Occupancy: -1.4% to 47.3%
ADR: +11.2% to BRL342.85
RevPAR: +9.7% to BRL162.18

São Paulo hotels have now posted 18 consecutive months of ADR growth. STR analysts partially attribute the jump in rates to the depreciation of the Brazilian Real against the U.S. dollar. STR data shows that the absolute occupancy level in São Paulo was higher than the long-term January average of 46.4%. 


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