Panama City.
Lima hotel supply on the rise in preparation for the Pan American Games; Panama City records best February occupancy since 2014.
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
Central/South America
- 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
Lima, Peru
- 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.
Panama City
- 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.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
