STR: Central/South America hotel performance for August 2019
Rio de Janeiro performance growth helped by events calendar, Pan American Games give Lima hotels a boost
Hotels in the Central/South America region reported mixed performance results during July 2019, according to data from STR.
U.S. dollar constant currency, August 2019 vs. August 2018
Occupancy: +1.4% to 59.9%
Average daily rate (ADR): +11.0% to US$94.48
Revenue per available room (RevPAR): +12.6% to US$56.63
STR analysts note that the region’s demand continues to grow, pushing occupancy levels higher. However, ADR and RevPAR comparisons with last year are affected by currency fluctuations.
Local currency, August 2019 vs. August 2018
Rio de Janeiro, Brazil
Occupancy: +3.9% to 54.3%
ADR: +6.1% to BRL360.27
RevPAR: +10.2% to BRL195.57
Supply in Rio de Janeiro grew for the first month this year (+0.8%), but demand (+4.7%) rose at a higher rate. STR analysts attribute demand increases to multiple August events, such as the 23rd Rio De Janeiro International Half Marathon (18 August) and the Bunker Festival (24 August).
Occupancy: +6.2% to 68.9%
ADR: +2.8% to PER437.10
RevPAR: +9.2% to PER301.33
STR analysts note that August has been the highest performing month for the market thus far in 2019. The Pan American Games (26 July through 11 August) lifted performance levels during the first half of August. The largest occupancy and RevPAR increases were seen on 9 August, +41.9% and +62.4%, respectively.