Brazil's rapid pace of economic growth is translating into rising demand for the country's resorts, according to a report from Jones Lang LaSalle Hotels.
During the first half of 2011, occupancy rose 10% over the prior year period, signifying the highest growth recorded in Brazil's resort sector since 2009.
"The resort sector has faced many challenges in recent years: the bankruptcy of Brazil's national airline in 2006; the decline of key European markets in 2009; increased competition from cruise lines; and the rising value of the local currency, making international travel more appealing for Brazilian", Ricardo Mader, executive VP for JLLH in São Paulo, said in a news release. "Now, the sector is poised for real transformation and growth, as economic decentralization and increases in average income enable many Brazilians to stay at a resort for the first time."
Brazil's sustained economic growth also is leading to a significant increase in demand for corporate travel to resorts. "A general expansion in business activity and a sharp increase in the pricing of traditional urban hotels are factors causing an increased number of Brazilian associations to hold annual meetings and conventions at resort hotels, providing a considerable lift to the segment. To accommodate this growing demand, we're seeing existing resorts expanding their meeting space or room count," Mader added.
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