SYgle>Industry Information>The Hotel Industry in the Central/South America Region Reports Mixed Year-Over-Year Results for Q3 2017

The Hotel Industry in the Central/South America Region Reports Mixed Year-Over-Year Results for Q3 2017

Column: industry Tag: STR,Hotel Industry,South America Region Published: 2017-10-23 16:33 Source: Author:

Hotels in the Central/South America region reported mixed year-over-year results in the three key performance metrics during Q3 2017, according to data from?STR.

U.S. dollar constant currency, Q3 2017 vs. Q3 2016

Central/South America

Occupancy: +2.3% to 57.9%

Average daily rate (ADR): -8.4% to US$100.36?

Revenue per available room (RevPAR): -6.3% to US$58.14

Local currency, Q3 2017 vs. Q3 2016

Argentina

Occupancy: +10.1% to 62.6%

ADR: +19.4% to ARS1,886.76

RevPAR: +31.4 to ARS1,180.57

Demand (roomnights sold) grew 10.1% year over year, pushing occupancy to its highest level for a Q3 in Argentina since 2011. At the market level, Buenos Aires posted a 31.5% increase in RevPAR, due to double-digit growth in both occupancy and ADR. STR analysts note that convention center calendars were quite full in September. The market also played host to an ITF tennis tournament (11-17 September) and a rugby match with New Zealand (30 September).

Chile

Occupancy: +6.5% to 68.6%

ADR: -1.1% to CLP74,127.71

RevPAR: +5.3% to CLP50,872.16

This marked Chile’s highest Q3 occupancy level since 2008. STR analysts note that the country’s hotel demand has grown steadily since the end of 2015, while ADR has gradually decreased since Q2 2016. In its latest Forecast for Chile, Oxford Economics noted that improved activity in the country seems to have extended into Q3. While outlooks remain cautious, consumer spending momentum is likely to continue into 2018.

Colombia

Occupancy: +1.6% to 59.2%

ADR: +0.4% to COP255,624.52

RevPAR: +2.0% to COP151,418.29

After a weak first half of the year, Colombian hotels experienced 4.1% uplift in demand in Q3. This was mainly the result of stronger performance in July and August, as September results were negative. Pope Francis’ visit to Bogotá in September drove the Colombian capital’s RevPAR up 35.6% on Saturday, 9 September.

STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England.

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