New data from STR Global showcases an impressive performance by hotels in South America so far this year.
The STR Global report shows that across South America RevPAR for the first eight months of 2011 increased by 26.8% to US$95, mainly due to increases in ADR, up 21% to US$143.
All the markets covered reported double-digit percent increases in RevPAR for year-to-date August 2011 compared with the same period the previous year. While Rio de Janeiro has the highest ADR in the region at US$206.14, São Paulo shows the greatest increase in ADR of 31.3%. All markets, except Caracas, Venezuela, recorded increased occupancy and Rio leads the way with actual occupancy of 74.6%. Even amongst markets with low increases in occupancy, such as Quito, Ecuador at 2.1% and Buenos Aires, Argentina at 2.3%, and Caracas with a decrease of 5.1%, hoteliers have still managed to increase ADR to record more than respectable improvements in RevPAR, the report states.
“The double-digit growth in year-on-year RevPAR in the major South American markets indicates a steady improvement of general trading conditions since the 2009 recession,” said Elizabeth Randall, managing director of STR Global. “The opportunities for growth in Brazil with the two major sporting events coming up are reflected in the pipeline there.”