An upsurge in business travel has contributed to Bogotá’s hotel industry achieving its highest recorded average daily rate (ADR) and revenue per available room (RevPAR), according to data published by hospitality benchmarking data company, STR.

RevPAR is a metric used by hotels to determine their revenue per available room, regardless of whether the rooms are occupied or not. By using RevPAR, hotels can gauge their revenue-generating performance and set accurate room prices.

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Meanwhile, ADR measures the average rental revenue earned for an occupied room per day.  

These widely used metrics also allow hotels to benchmark their performance against other properties or brands in the industry.

STR’s preliminary data for March 2023 shows Bogotá market’s occupancy level stood at 69.8%, the highest since November 2022.

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The company also revealed the metric was above 80% for five days, with the highest level reported on 22 March at 85.3%, indicating a recovery in business demand.

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Tourism to Colombia surges three years after Covid outbreak

The data highlights a recovery in business demand and offers valuable insights into the performance of the hospitality sector.

Foreign tourist numbers are on the rise, three years after the confirmation of the first case of coronavirus on 8 March 2020, which had severely impacted the travel sector due to quarantines.

Last month, Columbia news publication, The City Paper Bogotá, reported that in January, Colombia welcomed 454,727 visitors, indicating a 63% increase over the same period in the previous year and an 18% increase from January 2019.

It also claimed that according to the Office of Economic Studies of the Ministry of Commerce, Industry and Tourism (MINCIT), the visitors included 319,299 non-resident foreigners, 63,626 Colombians residing abroad, and 71,802 cruise ship passengers.

Meanwhile, the United States accounted for the highest number of visitors to Colombia, contributing to 23.4% of the market share, followed by other countries in Latin America and the Caribbean.