Lodging Industry in Numbers - Brazil 2024
The performance of Brazilian hotels during 2023 reaffirmed the trend observed in 2022, characterized by substantial growth in room rates and moderate increases in occupancy rates.
The average hotel occupancy in 2023 reached 60.8%, surpassing pre-pandemic levels. The average daily rate rose to R$390.80, a substantial increase of nearly 35% compared to 2022. Consequently, the revenue per available room (REVPAR) experienced a remarkable growth of almost 40%.
However, this significant increase in REVPAR did not translate into proportional growth in the Gross Operating Profit (GOP) for urban hotels. The average GOP in 2023 accounted for 37% of the Total Revenue, marginally surpassing the previous year's performance. The main factors limiting profitability despite the elevated REVPAR were overall inflation and a notable upsurge in payroll expenses. This worldwide phenomenon affecting the hospitality industry post-pandemic is also manifesting in Brazil, with reduced interest in service-sector employment. Consequently, hotels were compelled to hire additional employees at a higher cost compared to regular staff. This trend can be observed, for instance, in urban hotels' results, with an increase of approximately 1.4 percentage points in rooms and 2 percentage points in Food and Beverage salary and benefit costs compared to 2022. In the case of condo hotels, the rise in salary and benefit costs reached 3.8 percentage points.
Relevant to resorts, the achieved occupancy rate of 60.7% represents the highest level in the historical records since 2010, reflecting a growth of 10.2% compared to 2022. The Total revenue per occupied rooms demonstrated a significant increase of 10%. The GOP obtained in 2023 amounted to 30% compared to 22.8% in 2022, reflecting not only revenue growth but also improved cost control measures. An elevated demand for beach resorts was observed, resulting in an approximate growth of 9.5 percentage points in occupancy compared to the previous year.
