STR: Canada’s February hotel RevPAR exceeded $100 for the first time on record
Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR’s February 2023 data.
HENDERSONVILLE, Tennessee - Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR’s February 2023 data.
February 2023 (percentage change from 2019)
- Occupancy: 59.2% (+0.7%)
- Average daily rate (ADR): CAD174.62 (+16.5%)
- Revenue per available room (RevPAR): CAD103.33 (+17.3%)
Canada's hotel performance trends that emerged halfway through 2022 have remained incredibly consistent, and February was no exception,
said Laura Baxter, CoStar Group's director of hospitality analytics for Canada. CoStar Group is the parent company of STR.
Strong room rate growth across all segments and elevated transient demand, particularly on weekends, remain the main drivers of performance recovery,
Baxter said. Group and weekday demand remained below pre-pandemic levels, with group occupancy down 12% from 2019. January and February typically tend to be slow months for the segment, so we can expect the index to improve as we move into high season for groups (April through November). We can also expect to see an improvement as international group travel reemerges throughout the year. Weekday occupancy, which can be used as a proxy for corporate travel demand, was down just 3% in February, signaling relative strength in the segment. The increased number of workers returning to office may prompt even more improvement for corporate demand.
Among the provinces and territories, Manitoba recorded the highest January occupancy level (70.4%), which surpassed the pre-pandemic comparable by 7.5%.
Among the major markets, Vancouver reported the highest occupancy level (74.4%), which was 2.0% above 2019.
New Brunswick (48.1%) saw the lowest occupancy among provinces, up 2.3% against 2019. At the market-level, the lowest occupancy was reported in Edmonton (51.3%) which was 4.9% below the 2019 comparable.
Additional Performance Data: STR’s world-leading hotel performance sample comprises 77,000 properties and 10 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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