By Richard Mann, Contributing Reporter
RIO DE JANEIRO, BRAZIL – The absolute hotel occupancy level went up in Q1 2019 by 12.2 percent to 63.9 percent. This was the best result for a Q1 in Rio since 2015, while the Average Daily Rate (ADR) value was the highest for an opening quarter since 2016.
STR’s Global Hotel Study report says that March produced significant year-over-year growth in the market with a boost from Carnival.
Occupancy and ADR were up 25.0 percent and 30.0 percent, respectively, leading to 62.5 percent growth in Revenue per available room.
Also helping performance in the market during the quarter was a 2.6 percent decline in supply, which strengthened hotel market share.
As noted in the report, property closings have been frequent in an uncertain economic environment and a lack of consistent corporate and leisure business has created difficult operating conditions.