Note: To inform the industry during the COVID-19 pandemic, STR will temporarily publish weekly communication for the Caribbean based on preliminary data. This preliminary data represents a percentage of STR’s total sample for the region. Once monthly processing is complete, data points will likely appear different.
The Caribbean hotel industry experienced its steepest year-over-year declines yet in the three key performance metrics during the week of 22-28 March 2020, according to preliminary data from STR.
In comparison with the week of 24-30 March 2019, the Caribbeanreported the following:
- Occupancy: -85.9% to 10.6%
- Average daily rate (ADR): -21.8% to US$231.60
- Revenue per available room (RevPAR): -89.0% to US$24.44
Among data-sufficient islands within the Caribbean region, The Bahamas saw the steepest year-over-year decline in RevPAR (-95.2% to US$12.99). That was due to the region’s lowest absolute occupancy (-90.8% to 7.3%) and the largest drop in ADR (-47.8% to US$177.39).
Puerto Rico experienced the second-greatest decline in RevPAR (-92.0% to US$13.69), primarily because of a steep decrease in occupancy (-88.1% to 8.7%).
The Dominican Republic was one of the few Caribbean markets to maintain double-digit occupancy for the week (-81.0% to 13.3%), but ADR fell below US$100 (-36.6% to US$96.97), leading to the region’s lowest absolute RevPAR (-88.0% to US$12.87).
Despite a steep drop in occupancy (-89.0% to 9.2%), Barbados experienced only a mild decline in ADR (-18.6% to US$250.73) compared with the rest of the region.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.