LONDON and HENDERSONVILLE, Tenn. — Hotels in the Americas region recorded positive results in the three key performance metrics when reported in U.S. dollar constant currency, according to July 2015 data compiled by STR, Inc. and STR Global.
Compared to July 2014, the Americas region reported a 2.2-per-cent increase in occupancy to 74.8 per cent, a 5.8-per-cent increase in average daily rate to US$124.78 and an 8.2-per-cent increase in RevPAR to US$93.37.
The North America region reported a 2.3-per-cent bump in occupancy over the previous year, ending the month at 75.2 per cent. ADR grew by 6.1 per cent to $82.55 and RevPAR grew by 8.6 per cent to $62.10.
Argentina experienced a 1.4-per-cent increase in occupancy to 59.1 per cent as well as double-digit growth in ADR (+15.6 per cent to ARS1054.58) and RevPAR (+17.2 per cent to ARS623.01). Inflation led to the increases in ADR and RevPAR as well as a 17.6-per-cent year-over-year increase in revenue.
Due to another month of difficult-to-match comparisons from the FIFA World Cup 2014, Brazil reported decreases in the three key performance measurements: occupancy (-2.7 per cent to 58.5 per cent), ADR (-28.1 per cent to BRL254.24) and RevPAR (-30 per cent to BRL148.79). Supply has grown year-to-date at 2.9 per cent in the country when compared to the same time period in 2014, while demand is down 4.2 per cent.
Colombia saw a 2.8-per-cent increase in occupancy to 58 per cent, a 9.2-per-cent rise in ADR to COP251,490.64 and a 12.2-per-cent increase in RevPAR to COP145,766.23. According to Oxford Economics, inflation in Colombia is expected to reach 4.2 per cent, and the value of the Colombian Peso dropped 9 per cent in July.
Occupancy in Bogotá, Colombia, decreased 0.2 per cent to 55.5 per cent. However, ADR in the market was up 15 per cent to COP285,912.93, and RevPAR increased 14.7 per cent to COP158,685.22. STR Global analysts expect the number of visitors to Bogotá to increase as KLM Royal Dutch Airlines re-installed a flight from Amsterdam to Bogotá in March 2015, and Avianca increased its frequency from London to Bogotá in early July.
Panama City, Panama saw an increase in occupancy (+4.7 per cent to 50.3 per cent), but decreases in ADR (-6.2 per cent to PAB99.33) and RevPAR (-1.8 per cent to PAB50.00). Supply growth has outpaced demand for several years in the market. Both metrics have grown year to date at 8.5 per cent, but high supply continues to pressure rate