COVID-19 webinar summary: 5 key points on Mexico and Caribbean hotel performance, 27 August
Knowing you might not have time to watch our full webinars, we are pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in Mexico and the Caribbean.
Heading back in the right direction
For the week ending 22 August, Mexico posted its highest occupancy level (23.8%) since April. Hotels in the Caribbean posted 20.7% and 20.5% occupancy levels for the weeks ending 15 August and 22 August, respectively. These were the region’s highest occupancy levels since early July.
Mexico occupancy on the rise
After starting the year with occupancy between 40-70%, markets in Mexico reported steep declines between March and May with levels falling to roughly below 10%. However, occupancy levels increased slightly during June, July and the beginning of August. The market’s highest daily occupancy level (25.7%) since the lockdown began in late March came on 22 August.
Beach markets in Mexico are leading the recovery
As we’ve seen in other parts of the world, beach markets are leading recovery in Mexico. For the week ending 22 August, Puerto Vallarta posted the country’s highest occupancy level (33.9%) followed closely by other beach destinations such as Los Cabos (25.8%) and the Mexican Caribbean (25.4%). For comparison, Ciudad de Mexico posted the lowest occupancy level for the same week.
Caribbean still waiting for significant recovery
Caribbean hotels started to see a slight occupancy increase during July and August thanks to summer holidays. On 4 July, the Caribbean posted its highest daily occupancy levels (33.3%) since the lockdown started.
Caribbean hotel class impact
All hotel classes in the Caribbean have been impacted by the COVID-19 pandemic, however, Luxury hotels have been the most affected in the market. Luxury hotels sat at 16.0% occupancy for the week ending 22 August. For comparison, Upscale and Upper Midscale posted the highest occupancy level of 21.5% and 21.8%, respectively.