STR: Central/South America hotel performance for 2019
- Bogotá records highest occupancy level since 2013
- Rio de Janeiro sees strong performance amid post-Olympics recovery
LONDON—Hotels in the Central/South America region reported positive performance results during 2019, according to data from STR.
U.S. dollar constant currency, 2019 vs. 2018
- Occupancy: +1.2% to 58.8%
- Average daily rate (ADR): +8.0% to US$96.25
- Revenue per available room (RevPAR): +9.3% to US$56.55
Note: Venezuela data was not included in this sample due to currency fluctuations in the country drastically affecting hotel performance figures for all of South America.
Local currency, 2019 vs. 2018
- Occupancy: +0.6% to 58.0%
- ADR: +5.1 to COP273,710.46
- RevPAR: +5.7% to COP158,828.02
While occupancy only grew slightly, the absolute level was the highest for any year in Bogotá since 2013. In July, the market’s performance was boosted by AgroExpo (11-21 July). In October, however, monthly occupancy dropped after five consecutive months of growth, and the steepest drop came the day before the market hosted local and regional elections for the first time since 2016 (26 October).
Rio de Janeiro
- Occupancy: +16.4% to 60.2%
- ADR: +9.2% to BRL395.38
- RevPAR: +27.1% to BRL238.19
STR analysts note that Rio de Janeiro hotels are recovering from lower levels of performance in the time that followed the 2016 Summer Olympics. A number of international events also helped boost performance throughout the year such, as Copa América (14 June through 7 July) and the 11th World Chambers Congress (12-14 June), a biennial event which was last hosted in Sydney. Overall, demand for the year grew 14.4%.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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