STR: Central/South America hotel performance for February 2019
Key February Takeaways:
- Lima hotel supply on the rise in preparation for the Pan American Games
- Panama City records best February occupancy since 2014
STR’s sample comprises more than 63,000 hotels and 8.6 million hotel rooms around the globe. Contact firstname.lastname@example.org for additional market data.
25 March 2019
LONDON—Hotels in the Central/South America region reported mixed performance results in February 2019, according to data from STR.
U.S. dollar constant currency, February 2019 vs. February 2018
- Occupancy: +2.9% to 59.5%
- Average daily rate (ADR): -9.3% to US$96.49
- Revenue per available room (RevPAR): -6.7% to US$57.38
Local currency, February 2019 vs. February 2018
- Occupancy: -9.6% to 55.9%
- ADR: +1.5% to PEN421.39
- RevPAR: -8.2% to PEN235.75
STR analysts partially attribute the decline in occupancy to a 6.1% rise in supply as the market prepares for the Pan American Games this summer. Demand (-4.1%) was also a factor in the lower performance. Oxford Economics expects international arrivals to decrease 4.0% in 2019.
- Occupancy: +7.9% to 60.9%
- ADR: +3.4% to PAB98.47
- RevPAR: +11.5% to PAB59.95
An 8.0% jump in demand was the largest for any month in the market since October 2017. As a result, the absolute occupancy level was the highest for a February in Panama City since 2014. STR analysts note the market is celebrating its 500th birthday this year and was appointed as the Ibero-American Capital of Culture, which should help tourism. Oxford Economics expects international arrivals to grow 10.0% this year.
A note to editors: All references to STR data and analysis should cite “STR” as the source. Please refrain from citing “STR, Inc.” “Smith Travel Research” or “STR Global” in sourcing.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. 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. For more information, please visit str.com.