Developers Check In With Higher Number of Hotel Rooms Under Construction

Over the past six months, developers have increased the number of hotel rooms under construction in Canada, reversing two steep downward trends following the pandemic and the recent interest-rate hiking cycle. The upward trend in hotel construction appears to be strengthening, too, with year-over-year growth accelerating to double-digits over the past two months. Overall, nearly 8,000 hotel rooms are under construction, 20% down from the previous peak in May 2020.