The Caribbean has seen five consecutive years of growth in occupancy, ADR, and RevPAR. The U.S. remains the largest feeder market.
It appears that even with the Puerto Rican debt crisis well underway, tourism has not been negatively impacted. This no doubt results from the economic strength of the mainland and its status as the primary source of Puerto Rico’s visitors.
The next charts display historical data for Puerto Rico and the overall Caribbean hotel market from 2010 to 2015, the most recent annual data available. General trends in occupancy, ADR, and RevPAR can be observed from these comparisons.
The past recession impacted the Caribbean and Puerto Rico to a significant degree. Declines were visible through 2010, but the market has seen strong gains since.
According to STR and CBRE Report, Puerto Rico followed this trend, with ADR growth fueling RevPAR gains in 2013, negating a slight decline in occupancy.
Conversely, Puerto Rico’s RevPAR gain in 2014 was driven by occupancy. It is important to note that Puerto Rico generally has higher overall ADR and occupancy than the Caribbean market average.