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STR reports positive Mexican hotel market results for 2016

STR reported overall positive results in Mexico's hotel industry in the three key performance metrics during 2016.

The average daily rate jumped 17% from a year ago to 2,327.16 Mexican pesos, which resulted in a 17.1% boost in RevPAR to 1,479.60 pesos.

Occupancy remained nearly flat compared to 2015 with a 0.1% increase during the year to 63.6%.

"The tourism industry is considered one of the main engines of the economy in Mexico, and in 2016, Mexico saw more international visitors due to a favorable exchange rate for foreign travelers," Fatima Thompson, STR's associate director of business development, hotels, said in a release.

All five of the country's key markets logged double-digit growth in RevPAR from 2015, with Northwest Mexico reporting a 50.6% jump to 1,548.44 pesos and Mexico City reporting a 22.3% increase to 1,760.73 pesos.

Mexico City's occupancy increased 4.1% year-over-year to reach 69.4% for 2016, marking the highest increase in the country.

The Yucatan Peninsula and Northeast Mexico-Monterrey markets saw occupancy declines of 3% and 0.5%, respectively, during 2016.

During the fourth quarter of 2016, the average daily rate rose 21.5% from 2015 to 2,569.47 pesos and occupancy increased 1.3% to 63%, with RevPAR increasing 23% to 1,619.56 pesos.

As of Jan. 25, US$1 was equivalent to 21.35 Mexican pesos.