The broadening of IHG’s Canadian portfolio comes as the nation expects a strong 2026 for tourism, with Destination Canada forecasting visitor spending to increase by 6 percent year-over-year and reach ... We remain focused on capitalizing on this building demand and delivering the right brands in the right places that meet evolving guest needs.
Group demand showed the most significant lift among segments, benefiting ADR, which grew more than the national average. ... Should any proposed tariffs materialize, it could result in a contraction to the economy, and this remains a downside risk to our forecast.
Looking ahead to 2025, STR and Tourism Economics recently downgraded the RevPAR growth forecast to 1.5%, while ADR is expected to grow more or less in line with inflation. ... Overall, we are expecting a marginal occupancy decline due to new inventory growth outpacing improvements in demand.
The lower gain in transient room rates is a trend worth watching, as some markets are seeing rate decline due to the softening of the segment’s demand. ... However, many hoteliers are also reporting shorter booking windows compared to previous years, causing limited visibility into the strength of demand.
robust demand and vibrant growth within the sector. ... The outlook for the next decade is exceptionally bright, according to WTTC forecasts.
By leveraging robust data intelligence to analyze historical data and predict future trends, casino resorts can also anticipate demand and adjust their strategies accordingly. ... For instance, if data shows a high demand for weddings in spring, the hotel can allocate more resources during this period and increase prices to maximize revenue.
These demand sources should benefit Canada’s largest cities to a greater degree than other location types, and therefore urban hotel performance growth will likely outpace the national forecast.
(Source: Unevent) Demand for unique venues for meetings and events is expected to increase by 25%. (Source: NorthStar Meetings Group) How will these trends impact the hotel industry? ... Speed revenue with actionable intelligence and insightful visualizations to address pipeline gaps and hit forecasts.
On the demand side of the equation, some hotels benefitted from demand spillover from the residential sector. Due to the lack of affordable housing and rentals, some hotels were used as housing. ... This dynamic between supply and demand is expected to continue into 2024, but softer RevPAR growth is certain, forecasted to grow 2.2%.
The marginal occupancy increase outperformed our forecast, which predicted a minor decline. ... Stronger group demand was also evident for full-service, urban and suburban hotels.
“Our just-released forecast for 2023 was upgraded once again as rate growth surpassed expectations,” said Baxter. ... “We have also lifted ADR projections slightly for 2024, at 1.8%, while occupancy growth is forecasted to be more marginal at 0.4%.
With such robust demand, room rates approached nearly $200, up 18% over 2019. ... demand, was also ahead of last month at 106.
Travel & Tourism is recovering strongly in Canada with high visitor demand. ... WTTC forecasts the sector will fully recover the jobs lost during the pandemic by the end of 2023.
Accelerated by the return of travel demand, new project announcements (NPAs) in Canada saw significant growth in the first quarter. ... In 2024, LE analysts expect a 1.1% increase in room supply with 68 new hotel projects/4,048 rooms forecast to open by year-end.
The hospitality industry is an ever-shifting, ever-demanding industry that twists and bends according to the whim of travelers, which, as you might have guessed, can be hard to satisfy. ... Hotels should also rely on technology that informs a more intelligent, responsive pricing strategy to remain competitive, forecast demand accurately, and continue to drive business during off-peak seasons
Typically, room demand declines in a recession, but STR’s latest forecast projects growth in 2023 with further demand rebound across all segments expected to push occupancy in line with the 2019 benchmark ... The bulk of ADR recovery took place in 2022, but with the industry laser-focused on the benefits of strong room rates, the forecast is set for the metric to remain ahead of 2022.
The RevPAR of the Niagara Falls Market is Projected to Surpass the Pre-Prepandemic Baseline Forecast in 2024 Strong Rate Growth is Compensating for Weak Demand Levels in the First Phase of the Recovery ... The following projects are not included in our forecast because their anticipated opening dates fall beyond our forecast horizon.
Certain segments have fallen behind others such as corporate hotel demand as it evolves alongside work trends. ... Demand from international source markets had also been slower to recover – in line with the unwinding of pandemic-related restrictions at the border.
Studies show that group-lodging demand has rebounded this year, and group business in 2023 is expected to outperform 2019. ... Or has this increase in demand created the perfect storm of challenges for hotel sales teams heading into 2023?
Meanwhile, group and weekday occupancy, the latter of which can be used as a proxy for business travel demand, remained below pre-pandemic performance, down 11% and 3%, respectively. ... STR and Tourism Economics’ forecast has been downgraded slightly due to the assumption that the country will enter a moderate recession in 2023, Baxter said.