The portfolio’s occupancy as of March 2024 was calculated based on 152 hotels and 17,503 rooms in operation. In March, there were no new hotel openings.
Occupancy reached 57.9%, a decrease of 0.4 percentage points vs. the same month of 2023. This was mainly due to the change in the date of Easter, which this year was celebrated in March, as opposed to April in 2023. The average daily rate increased 8.6% vs. the same month of 2023, reaching $1,316 pesos. In March, RevPAR was $762 pesos, an increase of 7.8% vs. 2023.
The following graphs show the trend in room rates and occupancy levels compared to 2023. In March, RevPAR improved compared to the previous year, particularly in hotels located in the Northwest, South, and Metropolitan regions, a trend that has been consistent throughout the year. Likewise, we observed a rebound in the performance of the “City Express Plus” brand hotels, which have a higher rate than other brands.
We highlight the performance of our hotels in the Northeast and South regions, which achieved RevPAR growth of 20.6% and 19.2% respectively compared to the same month in 2023. This growth is primarily due to increased nearshoring demand and a higher number of international travelers in the South region, driven by leisure customers from digital channels.
We continue to pursue a strategy focused on growing rates above inflation, while continuing with an analysis by plaza and by hotel to capitalize on specific opportunities.
Finally, consolidated revenue for March reached $341.2 million pesos, increasing by 7.0% vs. 2023.
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
Héctor Vázquez
Corporate Finance, Treasury and IR
Phone: +52 (55) 5249 8067
E-mail: hvazquez@hotelescity.com