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September 2021 | Across the Americas, users project occupancy percentages to remain relatively consistent in the low-60s from September through November, before dropping to an annual seasonal low 50% in December. YoY ADR growth remains highly elevated through the balance of the year. Group demand growth outpaces transient demand growth from September to November, but partially due to the low single-digit group occupancy base. Users do not expect group demand to outpace transient in December with group occupancy falling to just 6% across the global region.
On the Books
The pace of new sales (transient reservations and group blocks) for each of the next three stay months has been on an upward swing for months. But, due to some softness in December, booking pace averages just 17% growth in Q4 2021.
Cancelation activity in Latin America is the highest across all global regions, up 34% YoY for the fourth quarter.
The silver lining for Latin America is business on the books is tracking well ahead of the prior year for the remaining months in 2021 with strong rooms growth and even higher ADR growth in Q4 compared to the prior year.