LONDON - Hotels in the Central/South America region reported positive performance results during October 2019, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
Occupancy: +2.9% to 61.1%
Average daily rate (ADR): +9.5% to US$97.33
Revenue per available room (RevPAR): +12.7% to US$59.51
Local currency, Q3 2019 vs. Q3 2018
Occupancy: -2.0% to 60.9%
ADR: +8.6% to COP282,468.51
RevPAR: +6.4% to COP172,146.63
Supply (+3.2%) outpaced demand (+1.1%) and caused occupancy to fall slightly for the first month since April 2019. STR analysts note that the market hosted local and regional elections for the first time since 2016. The steepest drop in occupancy (-18.7%) for the month came the day before those elections (26 October).
Occupancy: -8.0% to 63.5%
ADR: +5.2% to CLP87,831.17
RevPAR: -3.2% to CLP55,795.81
The absolute occupancy level in Santiago was the lowest for an October since 2004. STR analysts note that negative performance for the month was mainly due to ongoing protests in the country that started in mid-October. Occupancy fell significantly during the last two weeks of the month, with the largest decline occurring on 24 October (-45.8%). However, hoteliers have been able to hold pricing confidence to lessen the impact on RevPAR.