In the first quarter of 2015, Lima was the only South American city that achieved a “positive change" in the Revenue Per Available Room (RevPAR), according to a report published by HVS/HotelInvestment in association with STR Global.
The study titled 'Market Pulse: South America', which presents an analysis on hotel performance in the region's main cities, puts the spotlight on the Peruvian capital.
"Lima and Quito [are] leaders in occupancy. Both cities achieved levels close to 70% during the first quarter of 2015," the report pointed out.
In this sense, Lima is the "lone" market displaying positive variations, since the capital was the only South American metropoli, which hotels managed to increase rates in US dollars, but at very moderate levels.
"With a slight upturn in the Peruvian economy, demand continued to grow, albeit at a more moderate pace, managing to surpass the growth in supply," it reads.
In this framework, HVS claimed a decline "in occupancy in the rest of the analyzed markets" was registered.
Rio de Janeiro, Montevideo and Quito experienced considerable drops. With regard to the Brazilian city, the fall was due to the lower demand, if compared to the same period last year when the World Cup took place in the capital of Carnival and beaches.
At the regional level, a -25.1% decline was recorded.
It must be noted RevPAR is calculated by dividing a hotel's total guestroom revenue by the amount of rooms and the number of days of the period being analyzed.
South America RevPAR
Lima: 1.6%
Bogota: -15.8%
Quito: -5.3%
Santiago: -9.8%
Rio de Janeiro: -40.7%
Sao Paulo: -27.9%
Montevideo: -6.2%
Buenos Aires: -2.7%
The South American Market Pulse was based on an extensive database composed mostly by STR Global data internal records of HVS, HotelInvest as well as on information provided by third parties.
(END) MVB/MVB