São Paulo hotels shift into high gear
F1 boosts São Paulo November hotel performance
The 67th season of the Fédération Internationale de l’Automobile (FIA) Formula One World Championship recently finished in Abu Dhabi, where Nico Rosberg won his first championship.
São Paulo hosted the Brazilian Grand Prix F1 on 13 November, the second to last Grand Prix race of 2016. The market’s hotels also benefitted from the two days leading up to the event, 11-12 November, recording occupancies and average daily rates (ADR) high above São Paolo’s year-to-date levels.
Overall, São Paulo’s hotel market did not perform as well during this year’s Grand Prix as it did during last year’s, as occupancy was 6.7% lower in 2016 while ADR was 5.9% lower, resulting in RevPAR being down 12%.
On the other hand, based on year-over-year data, between 11 and 13 November, São Paulo saw an increase of 32% in occupancy, +74% in ADR and +130% in RevPAR.
November is traditionally one of the best months for São Paulo hotels, largely thanks to the Grand Prix F1, and 2016 was no exception.