STR reports the Central/South America hotel performance for 2019
Bogotá records highest occupancy level since 2013 and Rio de Janeiro sees strong performance amid post-Olympics recovery
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%.