Hotels in the Central/South America region reported positive performance results during November 2019, according to data from STR.
U.S. dollar constant currency, November 2019 vs. November 2018
Occupancy: +4.1% to 60.5%
Average daily rate (ADR): +7.5% to US$90.54
Revenue per available room (RevPAR): +11.9% to US$54.77
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, November 2019 vs. November 2018
Occupancy: -7.3% to 47.9%
ADR: flat at PAB86.27
RevPAR: -7.3% to PAB41.35
The market’s November occupancy dipped below 50% for the first time in STR’s Panama City database. While supply was up a healthy 1.7%, STR analysts pin the decline in occupancy more to a 5.7% drop in demand.
Occupancy: -29.9% to 51.4%
ADR: +0.8% to CLP83,344.89
RevPAR: -29.3% to CLP42,805.29
STR analysts attribute a 28.7% decrease in demand to prolonged protests in the country.