The absolute occupancy level was the best for a Q1 in Rio since 2015, while the ADR value was the highest for an opening quarter since 2016. STR analysts note that March specifically produced significant year-over-year growth in the market with a boost from Carnival. Occupancy and ADR were up 25.0% and 30.0%, respectively, leading to 62.5% growth in RevPAR. Also helping performance in the market during the quarter was a 2.6% decline in supply, which strengthened hotelier market share. As noted in STR’s Global Hotel Study, property closings have been common as an uncertain economic environment and a lack of consistent corporate and leisure business has created difficult operating conditions.
According to STR analysts, weekday RevPAR in the market grew 4.7% during Q1, while weekend RevPAR was mostly flat (-0.1%). This is an indicator of more corporate business in Santiago, which has been consistent in the market. Unlike other destinations in the region, Chile has displayed relatively stable economic and political conditions, which has led to large brand investment in the country.
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