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The hotel market may be straining in the United States and Europe under the weight of new capacity financed during the real estate boom, but the situation is much different in Latin America. According to travel industry research firm PhoCusWright, international, regional and independent hotels are popping up all over the continent, with both large and small projects in the works to tap into growing demand in the region. In the cities, where it's tough to find real estate, old neighborhoods are "reinventing themselves," PhoCusWright reports, in order to take advantage of the market's potential.
The travel market in Latin America has resisted the mayhem experienced in the rest of the world largely because the global recession hasn't been as rough on that part of the world. Peru, Colombia and Chile have withstood the severity of the financial crisis, and when you trace this through the hotel industry, you can see why they were able to keep their room rates higher in 2009. PhoCusWright expects the "strong performance of the Latin American hotel sector will likely lead to more heavy investment and development."
Brazil is expected to see the greatest amount of investment from foreign sources, as many seek to take advantage of the effect of the 2016 Olympics. Starwood Hotels & Resorts Worldwide (HOT) is planning three Luxury Collection hotels in Peru and has just opened the first of them.
This trend won't be enough turn the tide for the hospitality market worldwide, but it's nice to see there's a silver lining somewhere.
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