According to STR, hotels in Central and South America had mixed performance in the second quarter of 2016 when measured in US $ constant currency. The Central and South America area recorded a 5.1 percent decline in occupancy to 54.1 percent compared to the three major performance measures from Q2 2015. The average daily rate was $89.75, up 5.3 percent. The revenue per available room remained unchanged at $48.58. properties
When compared to June 2015, the results in Central and South America were mixed. The occupancy rate in the region fell by 4.6 percent to 54.2 percent. ADR was trading at $86.48, up 1.7 percent. The revenue per available room (RevPAR) decreased 2.9 percent to $46.88.
Performance of featured countries in the second quarter of 2016:
Although occupancy fell 5.5 percent to 51.9 percent in Argentina, a 53.2 percent increase in ADR to ARS1, 535.76 driving RevPAR up 44.7 percent to ARS797.21. Inflation caused the considerable increase in the rate. The country's occupancy has been continually low, but STR analysts predict that demand will increase as a result of the new four-year Tourism National Plan.
Brazil saw reductions in all three key performance indicators. Occupancy dropped 7.8% to 51.6 percent, ADR declined 3.6 percent to BRL279.08, and RevPAR fell 11.1 percent to BRL143.88. The country's economic crisis, fear of the Zika virus, and continuous supply increase ahead of the Summer Olympics, according to STR analysts, have all contributed to this year's performance decreases.
Colombia improved on each of the three main performance indicators: RevPAR (+8.4 percent to COP148, 155.11), ADR (+5.8% to COP262, 203.22), and occupancy (+2.4 percent to 56.5 percent). According to STR researchers, the weakening of the Colombian peso has resulted in increased tourism in the country. Furthermore, heightened security measures and government initiatives to attract more tourists have aided demand (+8.3% year to date).
The city of Lima, Peru, suffered a drop in occupancy (-3.3 percent to 72.4 percent) and revenue per available room (RevPAR) (-0.7 percent to PEN352.79). The ADR went up 2.7 percent to PEN487.56 on the exchange. To this point in the year, supply (+6.4%) has greatly surpassed demand (-0.6 percent ).
Santiago, Chile, saw reductions in all three main performance indicators: occupancy (-4.1 percent to 62.6 percent), ADR (-5.0 percent to CLP88, 654.75), and RevPAR (-5.0 percent to CLP88, 654.75). (-8.9 percent to CLP55, 526.39). In the market, April and May were favorable months, but June pulled down quarterly performance with a 34.5 percent drop in RevPAR to CLP49, 789.28. By historical standards, June 2016 was ordinary, however it paled in comparison to June 2015, when the country hosted the Copa América international football event.
In San José, Costa Rica, occupancy increased by 14.1 percent to 68.0 percent, while RevPAR increased by 15.0 percent to CRC34, 927.25. The market's ADR was practically unchanged (+0.7 percent to CRC51, 360.93). In San José, demand has increased by 9.4% year to date, while supply has increased by 1.2 percent.