CoStar: Canadian Hotel Rates, Revenue Hit All-Time Highs
Canada’s hotels are earning record room rates and revenues, says a new CoStar report.
“The increased cash flow allows hoteliers to pay for higher debt service costs, other costs through the bottom line, property improvement plans and general capital expenditure projects which most fell behind on during the pandemic,” Laura Baxter, CoStar Group’s director of hospitality analytics for Canada in a news release.
In July, the average daily room rate climbed 7.7% year-over-year to $232.13, according to CoStar. Revenue per available room posted a similar increase, rising 7.8% to $175.42.
Meanwhile, monthly occupancy level reached its highest point, 75.6%, since August 2022. Occupancy rose marginally (0.1%) from July 2022. Vancouver led major markets with 87% occupancy, which represented a 240-basis-point increase.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.