- Lima hotel supply on the rise in preparation for the Pan American Games
- Panama City records best February occupancy since 2014
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
- 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
- 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.
- 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.
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. For more information, please visit str.com.
Logos, product and company names mentioned are the property of their respective owners.