HENDERSONVILLE, Tennessee — Canada's hotel industry reported slightly higher performance when compared with recent months, according to STR's February 2021 data.

The country's occupancy level was its highest since November 2020, while ADR and RevPAR were the highest since October 2020. Year-over-year declines remained significant but will improve in future months due to comparisons with pandemic-affected months last year.

  • Occupancy: 27.3% (-53.0%)
  • Average daily rate (ADR): CAD112.90 (-25.2%)
  • Revenue per available room (RevPAR): CAD30.86 (-64.8%)

"Canada hotel performance remained subdued through the first two months this year, as group demand was almost non-existent while some essential corporate and leisure travel continued to generate minimal transient hotel demand," said Laura Baxter, CoStar Group's director of hospitality analytics for Canada. CoStar Group is the parent company of STR.

"More recently, the full impact of the restrictions on inbound air travel remains to be seen, but weekly hotel performance data shows occupancy rising significantly in the airport submarkets in Vancouver, Toronto and Montreal. The Vancouver airport submarket saw occupancy above 55% over the last two weeks—marking the first time the metric has exceeded 50% in the submarket since late March 2020."

"Looking ahead, we expect RevPAR comparisons to push out of the red in April, ending the year with growth around 20%. The forecasted growth is solely driven by improvements to occupancy, while ADR is expected to experience a slight contraction compared to last year. The current forecast is based upon the assumption that gradual progress will be made toward containment of the virus in Q3. The forecast for Q3 includes pent-up leisure demand returning over the summer months and some corporate and international travel in Q4. Group travel is expected to return gradually, albeit severely depressed for the rest of the year."

Among the provinces and territories, Newfoundland and Labrador recorded the lowest February occupancy level (14.3%), which was down 64.4% in year-over-year comparisons. The province also experienced the lowest RevPAR level (-72.0% to CAD13.29).

Among the major markets, Montreal (16.1%) saw the lowest occupancy level, down 74.1% year over year.

The highest occupancy among provinces was reported in British Columbia (-45.7% to 34.7%). At the market level, the highest occupancy was reported in Vancouver (-54.4% to 33.3%).

Additional Performance Data
STR's world-leading hotel performance sample comprises 68,000 properties and 9.1 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.

About CoStar Group, Inc.

CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Haley Luther
Senior Communications Manager
+1 (216) 278 0627
CoStar