HENDERSONVILLE, Tennessee — Canada’s hotel industry reported slightly lower performance from the previous month, according to STR’s May 2021 data.

While year-over-year percentage changes show significant increases because of comparison with a pandemic-affected period in 2020, the country’s performance levels remained well below the pre-pandemic comparable of May 2019:

  • Occupancy: 28.1% (-58.6%)
  • Average daily rate (ADR): CAD113.40 (-32.0%)
  • Revenue per available room (RevPAR): CAD31.87 (-71.9%)

“Despite subdued performance in May due to continued travel restrictions and lockdown measures, RevPAR increased in each of the first three weeks of June, signaling the start of recovery now that provincial travel restrictions are in the process of being lifted,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the parent company of STR.

“As long as Canada keeps up the vaccine momentum and variants are controlled, hotel performance will continue to recover. Recovery will be led by pent-up leisure demand this summer. In Q3, we expect occupancy and ADR to reach 47% and CAD146, respectively, thus resulting in a 34% increase in RevPAR from Q3 2020. We anticipate a particularly strong recovery in smaller cities and resort hotels. Recovery in urban markets is expected to lag until corporate, group and international demand returns. Urban markets with large development pipelines will also experience downward pressure on recovery as new rooms are added to the inventory.”

“International demand plays an incredibly important role in the recovery process, and we expect a jump in hotel leisure and corporate demand once the U.S./Canada land border reopens. The relaxed quarantine requirements for those who are fully vaccinated is a step in the right direction. However, the catalyst for even stronger hotel performance recovery will be an extension of those loosened requirements for international travelers.”

Among the provinces and territories, Prince Edward Island recorded the lowest May occupancy level (16.8%), which was 71.5% below the pre-pandemic comparable.

Among the major markets, Calgary saw the lowest occupancy (21.3%), which was a 62.9% decline from 2019.

The highest occupancy among provinces was reported in Saskatchewan (33.3%), down 42.5% against 2019. At the market level, the highest occupancy was reported in Vancouver (33.1%), which decreased 60.3% from 2019.

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

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