Toronto’s office capital may be checking into hotels
Hotel buyer pool expands while office sees buy- and sell-side drop
From 2022 onwards, the share of office sales volume in Toronto has declined year over year. Toronto’s record-high office vacancy rate continues to expand, which coupled with rising...
Ottawa tops inventory growth as developers, brands double down on its hotel sector
Significant uplift expected downtown and throughout suburbs
After a post-pandemic lull in completions, new hotel inventory is coming to Ottawa-Gatineau. As of the fourth quarter, there are six hotels, or 1,045 rooms under construction in Ot...
Toronto, Vancouver hotel occupancy climbs for Eras Tour finale
Occupancy exceeds last year, reflecting economic boost
The Eras Tour is on its home stretch, and like other host cities, Toronto and Vancouver are poised to reap economic benefits.
Canada's 12-month hotel occupancy dips into the red in September
Group-rate growth stands out among other segments
The growth of key hotel performance metrics slowed in Canada in September, with revenue per available room, or RevPAR, posting only a 0.8% increase. The main reason for tepid growt...
Chicago hotel development pipeline slows more than national average
Downtown has reprieve to absorb new inventory
Despite the Federal Reserve’s decision to cut interest rates in September, obtaining construction financing remains an obstacle for proposed hotels to break ground. This obstacle h...
Chicago hoteliers benefit from robust hotel performance in 2024
Limited new hotel openings support positive outlook in 2025
As budgets are set for 2025, Chicago hoteliers look to build on performance trends in 2024. Over the year, Chicago’s key hotel metrics have outperformed the average of the top 25 U...
Hotel occupancy wanes in Canada after summer peak
Demand for hotel rooms expected to be soft into fourth quarter before resuming growth in 2025
August results confirm a summer of two distinct halves for hotel occupancy levels in Canada. August saw the best performance in terms of occupancy as the country recorded its highe...
Hotel development in Detroit contributes to revitalization efforts
Downtown gears up to host more meetings and events
As revitalization efforts continue throughout the Detroit metropolitan area, hotel developers and brands are consistently adding newly built hotels to the region’s inventory. Since...
Forecast sees hotel occupancy increasing in 2025
Second half of the year expected to see stronger hotel performance than first
As hoteliers turn their attention to budgeting for 2025, the most recent national hotel performance forecast for Canada has been marginally upgraded. Revenue per available room, or...
International Hotel Demand in San Francisco To Exceed Pre-Pandemic Benchmarks in 2025
Forecasts Suggest Increasing Reliance on International Demand Compared to Domestic
Although key performance metrics in San Francisco are nowhere near levels typically achieved before the pandemic, international hotel demand is expected to return to pre-pandemic l...
Expect Recovery of International Travel to the US in 2025
Canada and Mexico Expected to Remain Top Two Source Markets
Inbound international travel is one of the last segments to normalize since 2020 and has been a drag factor in the recovery of overall hotel demand.
Hotels Manage To Maintain Higher Average Daily Rates, Keep Topline Performance in Positive Territory
Higher Labour Costs Cutting Into Hoteliers Gross Operating Profit Margins
In the first half of 2024, the pace of topline hotel operating performance growth in Canada’s hotel sector slowed along with the broader economy and is not expected to pick up over...
More Optimism Around Interest Rates and Sustained Operating Performance Drives Uptick in Urban Hotel Sales
Federal Government Looking To Buy More Urban Hotels To Prop Up Asylum Shelter System
Over the first half of this year, hotel property sales have been rising in Canada. Across the country's six largest cities, 28 hotels have traded hands, accounting for $580 million...
Spotlight on Calgary: Four Factors Affecting Local Tourism
City Benefits From Expanded Convention Hub and More Hotel Demand Ahead of Annual Stampede Event
In the lead-up to the city’s annual 10-day Stampede in July, billed as the World's Largest Outdoor Rodeo, Calgary tourism is in the spotlight. The city has experienced some notewor...
May Marks Turnaround in Vancouver Hotel Occupancy
Double-Digit Rate Growth Coincides With Regulations on Short-Term Rentals, Increase in Cruise Passengers
In May, Vancouver achieved the highest average hotel occupancy among major Canadian markets, increasing 0.9 percentage points to 83.8%, nearly 15 percentage points ahead of the nat...
Hoteliers Focus on Individual Leisure Demand as Busy Summer Starts
Optimism Remains Despite Short Booking Window Causing Limited Visibility on Demand Levels
The surge in higher hotel occupancy and room rates related to individual bookings in the transient travel segment during the pandemic's recovery phase has stagnated over the past h...
How Long Can Hoteliers Protect Their Average Daily Rate?
Some Areas Post Lower Room Rates Than Last Year
On a national level, hotels in Canada have achieved considerable increases in the average daily rate over the past couple of years, a trend that has continued as ADR increased 4.2%...
When It Comes To Hotel Rooms, Hockey Scores Big in Edmonton Compared To South Florida
Edmonton Oilers Home Playoff Games Generate a Greater Effect on Nearby Hotels Than Florida Panthers
Even though the National Hockey League's Edmonton Oilers were down three games to one in the Stanley Cup championship series to the Florida Panthers, either team could still take t...
Hotel Forecast for Canada Downgraded as Weaker Economic Conditions Take Bigger Toll Than Expected
Limited and Select-Service Hotels See Biggest Pullback in Demand
Although the outlook for hotels is still relatively bullish compared to previous downturns, recent conditions have prompted a slight downgrade in CoStar's forecast for room demand.
Developers Check In With Higher Number of Hotel Rooms Under Construction
Majority of Recent Groundbreakings Are Branded Hotels Outside of Major Urban Centres
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 recen...