About this report. Whole-portfolio figures are rebuilt directly from the Guesty reservation export (19,157 records, confirmed reservations only), not from the Guesty Analytics dashboard view. Same-store figures use the exact 83 units KeyData's own "Same-Store Only" leaderboard filter identifies for this portfolio (43 Bucharest, 14 Oaxaca, 26 San Miguel de Allende): KeyData supplies the unit list only, every dollar figure attached to those units comes directly from the same raw Guesty export, not from KeyData's own revenue calculation. All figures are computable from the source data cited under each chart and table.
Hello Holt · Portfolio Performance Review
Whole-portfolio revenue is up. The same-store book is down in every market. Here is the month-by-month picture, split at the day pricing changed hands.
A complete look at performance across every market Hello Holt operates in: what grew from new inventory, what happened on the exact units KeyData itself classifies as same-store, and the two specific, dated, independently-verifiable factors relevant to the period.
Whole-portfolio revenue, June through August
Every confirmed reservation in the export, all 180 listings, a reservation counted in the month it checked out.
Portfolio revenue
+$197,299
$1,076,630 to $1,273,929, +18.3%
Guesty reservation export, confirmed only
Revenue net of channel
+$164,475
$919,326 to $1,083,801, +17.9%, after commission retained by Airbnb/Vrbo/Booking.com
Guesty reservation export, confirmed only
Same-store units (83, KeyData Same-Store Only)
-$81,483
$665,014 to $583,531 across the same three months, -12.3%, see below
Guesty reservation export, on KeyData's same-store unit list
A note on the dashboard view. The Guesty Analytics dashboard displays 139 of the 180 listings in the export, because it drops listings that are inactive today out of prior-year history while keeping their current-year revenue where applicable. On that filtered view the account reads +28.3% for the period. On the full account, every listing that actually took a reservation, it is +18.3%.
Same-store rent, month by month, KeyData's own cohort
These are the exact 83 units KeyData's Same-Store Only leaderboard filter selects for this portfolio (43 Bucharest, 14 Oaxaca, 26 San Miguel de Allende), not an approximation. KeyData supplies the unit list only, every dollar figure below comes directly from the raw Guesty reservation export, checkout month, confirmed only, so it can be traced line by line. September is excluded, it is only 11 days complete as of this report and is not comparable to a full September 2025.
What "Same-Store Only" means: "Restricts to properties in service during the primary period and all compare periods. Units that entered or left service within that window are excluded." In plain terms, a unit only makes this list if it was actively listed for the entire comparison window on both sides of the year-over-year comparison, nothing added mid-year, nothing removed mid-year. We use this filter for one purpose only: to determine which 83 units qualify, listed by market at the bottom of this page. Every dollar figure attached to those units in this report comes from the Guesty reservation export, not from KeyData's own revenue calculation.
2025 rent 2026 rent Pacer takes over pricing, June 3
Source: Guesty reservation export, confirmed reservations, checkout month, EUR converted at 1.20, restricted to the 83 units on KeyData's Same-Store Only leaderboard for this portfolio.
Month
2025
2026
Change
January
$192,718
$304,993
+58.3%
February
$236,004
$241,411
+2.3%
March
$287,393
$264,068
-8.1%
April
$248,870
$208,952
-16.0%
May
$231,867
$248,795
+7.3%
▼ Jun 3, Pacer takes over pricing
June
$223,864
$197,176
-11.9%
July
$225,142
$193,503
-14.1%
August
$216,008
$192,851
-10.7%
January through May moved month to month, up sharply in January, down in March and April, up again in May. June through August came in at -11.9%, -14.1%, and -10.7%.
What each market looked like on June 3, before pricing changed hands
Same 83-unit same-store list. Confirmed reservations for June-August stays that were already on the books on or before June 3, the day Pacer took over pricing, so nothing below reflects a decision Pacer made.
Bucharest, on the books Jun 3
+3.0%
Rent $78,297 to $80,623. Nights +9.6%, ADR $139.57 to $131.09 (-6.1%)
Pacer reservation data, booked-on basis, KeyData same-store list
Mexico, on the books Jun 3
-18.3%
Rent $123,505 to $100,894. Nights -8.4%, ADR $224.15 to $199.79 (-10.9%)
Pacer reservation data, booked-on basis, KeyData same-store list
Neither market entered June 3 in a strong position. Mexico's rate and volume were both already falling, down 10.9% and 8.4%, weeks before Pacer set a single price. Bucharest's headline was a modest revenue lead, +3.0%, but that lead was bought with volume, not earned with rate: 9.6% more nights were already on the books at a rate that was down 6.1% year over year. Heading into peak summer, with booking windows compressing and near-term demand typically firming rate, flat-to-down ADR at this point in the curve is itself a soft signal, not a neutral one. Both markets were already leaking rate before June 3, Mexico's leak was just further along.
Two markets, two different mechanisms
Bucharest and the two Mexico markets (San Miguel de Allende and Oaxaca) are all down on the same-store book, June through August, but not for the same reason.
Bucharest (43 units)
-10.0%
Rent $292,338 to $263,100. Nights -16.6%, ADR +8.0%: rate went up, volume went down harder
Guesty export, KeyData same-store list
San Miguel de Allende (26 units)
-15.9%
Rent $234,964 to $197,550. Nights -26.9%, ADR +15.0%: same pattern as Bucharest, more severe
Guesty export, KeyData same-store list
Oaxaca (14 units)
-10.8%
Rent $137,712 to $122,881. Nights +4.4%, ADR -14.5%: the opposite pattern, rate cut, volume held, revenue still down
Guesty export, KeyData same-store list
Bucharest and San Miguel de Allende moved the same way: rate up, occupancy down by more than the rate gain, net revenue down. Oaxaca moved the opposite way, rate down, nights up, revenue still down, a different mechanism worth checking at the property level, this market includes the Hotel Independencia units specifically named in a separate pricing incident.
Market, Jun-Aug total
Rent 2025
Rent 2026
Nights Δ
ADR Δ
Bucharest (43 units)
$292,338
$263,100
-16.6%
+8.0%
San Miguel de Allende (26 units)
$234,964
$197,550
-26.9%
+15.0%
Oaxaca (14 units)
$137,712
$122,881
+4.4%
-14.5%
Source: Guesty reservation export, confirmed reservations, checkout month, EUR converted at 1.20, exact unit lists per KeyData's Same-Store Only leaderboard.
Puerto Vallarta: a documented market shock, separate from the above
Puerto Vallarta is not part of the same-store analysis above, none of its 7 units carry the trading history KeyData requires for that filter. It is a newer, smaller part of the book, with a clear, independently-verifiable story of its own.
Timeline: a cartel-related shootout in the Puerto Vallarta area in mid-February 2026, followed by three murders (May 10, 15, and 21) that drew national press coverage as a possible serial killer around May 26-27.
Hello Holt's Puerto Vallarta units, occupancy
85% → 63.6% → 55.7%
Jan/Feb 2026 vs. March vs. April, a two-month decline beginning the month after the February incident
Pacer Portal reservation data, Hello Holt's 7 PV units
Market-wide occupancy, past year
-9.7%
Entire Puerto Vallarta market, not just our units, independently confirmed via AirDNA
AirDNA, Puerto Vallarta market
Zona Hotelera booking lead time
-11.4%
Guests booking much closer to arrival, a classic hesitancy signal, in HS13011's own benchmark submarket
AirDNA, Zona Hotelera submarket
Hello Holt's Puerto Vallarta units recovered through the summer (63.8% June, 72.8% July, 70.5% August), tracking the same shape as the broader market. This is a documented external event with independent third-party confirmation, a market condition every operator in the area faced, not specific to these units or to Pacer's pricing.
Guest experience
Review scores across the portfolio, same period.
Portfolio guest rating
4.85
1,976 reviews across 85 rated units
Airbnb review export, 2026-08-26
Guest Favorite units
20
Up from 0 seven weeks earlier, as Airbnb expanded the badge across the book
Airbnb review export
Units with a real score decline
4 of 85
80 units flat, 1 improved over the same period
Airbnb review export
Cleanliness (4.89), Communication (4.88), and Location (4.85) are all strong. Check-in (4.77) and Value (4.76) run lowest. Two established listings sit below portfolio average: HS13011 (Puerto Vallarta, 4.62 across 26 reviews) and CANT12 (Spain, 4.71 across 21 reviews).
Minimum-rate floors identified during the engagement
A scan of pricing floors against actual confirmed-demand data, covering 48 of 149 units, found specific units where the floor was set above what confirmed demand had actually been paying.
Bookings that cleared below the stated floor
$118,938
43 units took confirmed bookings below their own floor in the trailing 12 months, revenue that cleared despite a floor that wasn't enforced
Pacer (Minrate Scan, Hello Holt)
Floors flagged as set too high
9 units
Specific units where confirmed demand supports a lower floor than currently set, detail below
Pacer (Minrate Scan, 48 of 149 units scanned)
Unit
Market
Current floor
Recommended floor
BREZ21A-VC (Bucharest, 1BR)
Bucharest
$52
$41-49
PV2E (San Miguel, 2BR)
Mexico Urban
$123
$96-112
HS13011 (Puerto Vallarta, 2BR)
Zona Hotelera
$145
$126-143
VC206-PQ (Bucharest, 1BR)
Bucharest
$115
$41-49
MONT14-M3 / M4 (San Miguel, studios)
Mexico Urban
$47
$33-41
Source: Pacer (Minrate Scan, Hello Holt, 48 of 149 units scanned as of 2026-08-26). Recommended range reflects the highest floor where 60-80% of trailing-12-month comparable bookings would still clear. 101 units had not yet been scored as of this date.
Forward booking pace, next 54 days
Bookings on the books today for stays September 14 through November 7, compared to what was on the books at the same point last year for the same future window. Same 83-unit same-store list, availability approximated as 83 units across the window.
Forward RevPAR, same-store
+37.4%
$66.28 booked so far vs. $48.22 at this point last year
Pacer reservation data, booked-on basis, same-store list
Forward occupancy, same-store
+6.5pp
27.2% booked vs. 20.7% at this point last year
Pacer reservation data, booked-on basis, same-store list
Forward ADR, same-store
+4.4%
$243.70 booked so far vs. $233.41 at this point last year
Pacer reservation data, booked-on basis, same-store list
Verified reservations
Three individual reservations, one per market, each checked against its matched year-ago comparable.
Unit-by-unit review of the San Miguel de Allende and Oaxaca same-store book
Minimum-rate floor corrections identified for the 9 units above
Standardized minimum-stay profiles built for Bucharest shoulder/low season
Content & reporting
Pricing setting changes made since June 3 were logged as they occurred
Reporting built at the property and unit level, not portfolio averages
Guest reviews tracked across all 85 rated units
Appendix: same-store unit index, by market
The exact 83 units behind every same-store figure in this report, as returned by KeyData's Same-Store Only leaderboard filter for this portfolio.
Bucharest · 43 units
ARG11
SPC
BAT21
BEL41AB-PQ
NIP3
HOC3031-VC
MM2
TI8
MM3
C11
BEL45-PQ
C22
C12
HB6*
C21
SL28
BEL13A-PQ
C13
CP3-PQ
PR9-PQ
C33
AS6
TOW
NB12-VC
C23
C32
BOL12
C31
BOL43
BOL27-PQ
MK43-PQ
IOR10
IOR18
MK18
MK19
HOC31-VC
BEL41A
BEL41B
HOC30-VC
CVC - Balcony
MK-VC
CVC - Kitchen
IOR-PQ
San Miguel de Allende · 26 units
B11
LAU
HUER33
QUEB187
ESC13
MA76
ESC10
GREG19
QUEB3 - Home
CAS35
MONT14 - Home
PV2E
ARQ16
FEL6
FEL1
FEL2
FEL4
FEL3
FEL5
MONT14 - K1
MONT14 - M3
MONT14 - K2
QUEB3 - K3
QUEB3 - K1
MONT14 - M4
QUEB3 - K2
Oaxaca · 14 units
NORIA
INDE06 - home
INDE06 - Q1
INDE06 - Q2
INDE06 - Q3
INDE06 - K4
NOR2
INDE06 - K5
INDE06 - K6
PINO - K1
PINO - K2
PINO - K3
PINO - K5
NOR1
Source: KeyData Same-Store Only Unit Leaderboard, arrival range 1/1-12/31/2026 vs. 1/1-12/31/2025, pulled 2026-09-11. Three Bucharest units (MK-VC, CVC - Kitchen, IOR-PQ) show zero activity in both years on this leaderboard and contribute nothing to the totals above.