STR: Central/South America hotel performance for Q1 2018
Key Q1 takeaways:
- Argentina posts best Q1 occupancy since 2008
- Chile reports lowest Q1 RevPAR since 2010
- Colombia registers highest Q1 occupancy since 2011
STR’s sample comprises more than 59,000 hotels and 8.0 million hotel rooms around the globe. Contact email@example.com for additional market data.
Hotels in the Central/South America region reported positive Q1 2018 performance results, according to data from STR.
U.S. dollar constant currency, Q1 2018 vs. Q1 2017
- Occupancy: +4.5 percent to 57.6 percent
- Average daily rate (ADR): +7.9 percent to US$108.70
- Revenue per available room (RevPAR): +12.8 percent to US$62.60
Local currency, Q1 2018 vs. Q1 2017
- Occupancy: +7.5 percent to 63.6 percent
- ADR: +28.3 percent to ARS2,350.20
- RevPAR: +38.0 percent to ARS1,493.79
The absolute occupancy level was the highest for a first quarter in Argentina since 2008. An occupancy increase in March (+4.5 percent) was the 15th consecutive month of occupancy growth for the country. Demand growth in Buenos Aires was the highest for Q1 since 2010. The Lollapalooza music festival helped push RevPAR (+73.0 percent) during 16-18 March. STR analysts also note that inflation continues to influence ADR in the country.
- Occupancy: -2.5 percent to 66.7 percent
- ADR: -5.2 percent to CLP75,139.81
- RevPAR: -7.6 percent to CLP50,146.52
Due primarily to supply growth, absolute RevPAR was the lowest for a first quarter in the country since 2010. At the market-level, Santiago reported a 0.6 percent Q1 decrease in RevPAR, which was due to a 2.5 percent decline in ADR. Occupancy in the market was more stable as growth on weekends overshadowed declines during the week.
- Occupancy: +5.4 to 58.5 percent
- ADR: +1.8 percent to COP272,687.74
- RevPAR: +7.3 percent to COP159,612.10
Positive performance was mainly driven by January and February, as a slowdown in demand growth (+3.3 percent) for March allowed occupancy comparisons to fall into negative territory (-0.2 percent). Regardless, absolute occupancy was the highest for a first quarter in Colombia since 2011. When looking at market-level data, Bogotá experienced its highest Q1 occupancy level since 2012. ADR in the market decreased 3.2 percent. Bogotá’s occupancy and RevPAR growth was highest on 16 March, helped by a Depeche Mode concert at Parque Simon Bolivar and a FIFA council meeting.