The Central/South America region's hotels reported year-over-year performance declines in the first quarter of 2017. Occupancy fell 1.6% to 55.3%, ADR dropped 6.1% to $101.60 and RevPAR decreased 7.6% to $56.16.
LONDON—The hotel industry in the Central/South America region reported negative results in the three key performance metrics during the first quarter of 2017, according to data from STR.
U.S. dollar constant currency, Q1 2017 vs. Q1 2016
- Occupancy: -1.6% to 55.3%
- Average daily rate (ADR): -6.1% to US$101.60
- Revenue per available room (RevPAR): -7.6% to US$56.16
Local currency, Q1 2017 vs. Q1 2016
- Occupancy: -5.4% to 50.7%
- ADR: -13.2% to BRL281.41
- RevPAR: -17.9% to BRL142.59
Despite overall declines for the quarter, March marked Brazil’s first month of demand growth (+2.9%) since August 2016. Supply for the quarter was up 4.5% compared with Q1 2016, placing pressure on both occupancy and ADR levels. At the market level, São Paulo benefited from Lollapalooza (25-26 March), as major headliners like The Strokes, The Weeknd and Metallica helped boost occupancy 102.8% on the 26th.
- Occupancy: +7.5% to 69.2%
- ADR: -8.2% to CLP80,753.79
- RevPAR: -1.3% to CLP55,913.17
While a decline in ADR drove down Chile’s overall Q1 performance, the country recorded its highest actual occupancy level (71.4%) for a March since 2014. Because of the ADR decreases, the Providencia area in Santiago was the only of the country’s submarkets that experienced an increase in RevPAR (+9.6%) in March.
- Occupancy: +9.1% to 58.7%
- ADR: -6.6% to PAB96.70
- RevPAR: +1.9% to PAB56.72
In March, Panama recorded a 28.4% year-over-year increase in occupancy to 66.3%, marking the country’s highest actual occupancy level for the month since 2012. Panama City’s occupancy increased 107.2% on Wednesday 22 March, when the city hosted the CABSEC defense conference and Expocomer 2017 international trade exhibition.
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