TORONTO — Avison Young has released its Canada Hotel Market Report: 2023 Review and 2024 Outlook. The report reveals robust recovery and remarkable resilience across major Canadian markets, surpassing pre-pandemic levels in Average Daily Rate (ADR), Revenue Per Available (RevPAR) and occupancy.
Highlights from the report include:
Surge in leisure travel and small local group demand
Upscale, upper upscale and luxury hotel segments saw notable resurgence in occupancy with double-digit year-over-year (YOY) growth
Montreal, for the second consecutive year, saw the highest YOY growth in occupancy, with a rate of 70 per cent
Vancouver saw the highest YOY increase in ADR (13.8 per cent)
Montreal, Toronto and Vancouver tied with the highest YOY increase in RevPAR (23 per cent)
Major Canadian markets posted $780 million in hotel transactions, up 38 per cent from 2022 and up 17 per cent from pre-pandemic levels, positioning the sector for further growth and opportunity
While growth is anticipated in 2024, the market may move toward more normalized conditions. Transaction volumes are expected to increase
To access the full report, click here.
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