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Chile’s hotel industry ends 2023 with strong results

InvestChile - February,28,2024

According to a report by Colliers, the occupancy rate for Chilean hotels increased from 49% in 2022 to 51% at the end of 2023, and also compared favorably to 2018 and 2019, when the occupancy rate was 50% and 47% respectively.


Following a severe downturn in Chile’s hotel industry due to the pandemic, the sector ended 2023 with strong results, reported Chilean business publication Diario Financiero.

According to the most recent report released by consulting firm Colliers, all industry indicators improved last year, with some even exceeding pre-pandemic levels.

The national occupancy rate increased from 49% in 2022 to 51% at the end of 2023, also improving compared to 2018 and 2019, when the occupancy rate was 50% and 47% respectively.

This increase is due to a recovery of tourism and normalization of seasonal activities during summer and winter, which generated higher demand for leisure travel, in addition to corporate travel, Colliers explained.

Along the same lines, Eduardo Yoshimoto, CEO of the W Santiago hotel, highlighted that this increase can also be explained by the reduction in Chile’s hotel offering in recent years, as some hotels were forced to close during the pandemic and others switched their focus to the residential market.

«I understand that it’s a mix. The reduction in supply has had an impact, but there has also been a particularly strong increase in tourist arrivals in 2023. Additionally, internal demand has increased as domestic flights have recovered and returned to pre-pandemic levels», the executive said.

More tourism in Chile

Another indicator that improved during 2023 was tourist arrivals, including both Chileans and international tourists.

Last year, there were 9.1 million nights spent in Chilean tourist accommodation facilities, an increase of 5% compared to 2022.

Even so, this figure has yet to return to pre-pandemic levels, when more than 12 million nights spent were recorded.

This in due to the fact that the normalization of the sector has enabled an increase in foreign tourist arrivals in Chile, originating primarily from the Americas (80%) and Europe (10%), noted Colliers.

Similarly, the total number of hotel rooms in operation increased from 48,078 in 2022 to 49,807 last year.

A better outlook for the hotel industry in 2024

The industry also has a positive forecast for 2024. Several hotel executives noted that the first two months of the year have been really «very good and promising» for the market, due to the high occupancy rate during this period with both Chilean and foreign tourists.

And expectations remain high for the rest of the year. Macarena Labarca, manager at Hoteles Novotempo, highlighted that local demand, corporate travel, company events, and weekend getaways are expected to be maintained during low season, while the outlook is «very promising» for the high season, as hotels have already started to receive confirmations from foreign tourists.

Based on these trends—together with figures from Chilean tourism association Fedetur, which estimates that more than 4.4 million foreign tourists will arrive in the country this year—Andrea Svart, sales manager at Hoteles Cumbres, explained that 2024 is expected to be a strong year for the industry.

«This will undoubtedly help us to return to pre-pandemic occupancy rates and ideally exceed them, together with the right promotion of Chile as a destination», explained the executive.

Thomas Dubaere, CEO Americas of Accor’s Premium, Midscale, and Economy division, noted that «2023 has been phenomenal Accor. After two very difficult years, I hope this will be the last time that I have to talk about the pandemic.» 

The French company, which has been operating in Chile for more than 20 years, has plans to  add at least seven hotel assets to its portfolio in the country.

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Topics: Infrastructure- Tourism



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