HENDERSONVILLE, Tennessee - Canada’s monthly hotel performance improved once again from the previous month and showed better indexed comparisons, according to STR’s April 2022 data.

April 2022 (percentage change from April 2019)

  • Occupancy: 57.6% (-7.3%)
  • Average daily rate (ADR): CAD155.80 (+2.5%)
  • Revenue per available room (RevPAR): CAD89.72 (-5.0%)

“Canada experienced its sixth wave of COVID cases in April, but the lack of restrictions allowed hotel performance recovery to remain strong and steady,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the parent company of STR.

“When looking at weekly performance throughout April, the RevPAR index ranged between 85-98% of 2019 levels, with many lagging segments starting to rebound,” Baxter said. “Weekend demand continued to lead recovery, driven by leisure travelers. Demand, in fact, has been so strong that weekend occupancy reached pre-pandemic levels for the first time during the month. Weekday results still lag, but dramatic improvements are taking place, signaling the return of corporate travel. From Tuesday to Thursday, occupancy was roughly four percentage points ahead of the previous month. In urban locations, this growth accelerated to eight percentage points each of those days. Additionally, monthly group demand reached its highest level of the pandemic -era."

“In addition to an increase in corporate travel, there are more events taking place in major cities, helping some of the most negatively impacted areas. High-profile events such as the World Rugby Sevens in Vancouver and additional sporting events in Toronto helped overall performance in April. Annual favorites such as the Tulip Festival in Ottawa and the upcoming Grand Prix in Montreal are also returning, creating the right environment for urban hotels to thrive.”

Among the provinces and territories, British Columbia recorded the highest April occupancy level (66.5%), which was 2.1% below the pre-pandemic comparable.

Among the major markets, Vancouver saw the highest occupancy (75.5%), which was a 4.8% decline from 2019.

The lowest occupancy among provinces was reported in Prince Edward Island (42.6%), down 24.3% against 2019. At the market level, the lowest occupancy was reported in Ottawa (-18.0% to 54.3%).

“The ADR outlook for 2022 is now much stronger and full recovery is expected in 2023 in nominal terms,” Baxter said. “The possibility of a recession will be a downside risk, but pent-up travel demand due to the lack of restrictions will bolster performance in the short term.”

Additional Performance Data

STR’s world-leading hotel performance sample comprises 73,000 properties and 9.6 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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