“Weekday demand is less indicative of corporate demand strength given the summer holiday period. ... Group demand continued its upward path, reaching 90% of July 2019 levels, again a pandemic-era high.
While larger group demand has been slow to return, smaller group, meetings, and leisure activity is on the upswing in urban areas and popular tourist destinations. ... In 2023, LE is forecasting 38 projects/4,182 rooms to open, for a supply growth rate of 1.2%, and 2024 should see 43 projects/4,576 rooms open for a growth rate of 1.3%.
“The main recovery driver is still strong leisure demand, as a surplus in household savings is being spent on travel and hotels,” Baxter said. ... The most recent forecast for 2022 has been revised upward based on ADR rising quicker than expected.
“Occupancy is currently forecasted to reach 57%, while ADR is expected to come in at $158 for full-year 2022. ... The longer-term position remains relatively consistent with previous versions of the forecast.
Accelerations in weekday performance also took place, signaling strengthening corporate demand." ... Group demand also reached 50% of volume that would be expected prior to the pandemic – the strongest performance of this segment since the pandemic hit.”
“Leisure travel continues to be stronger than corporate demand, with weekends achieving $23 more in RevPAR than weekdays. ... Group demand has been markedly stronger since August, and although it may be too soon to declare a trend, this will hopefully be the start of accelerated group demand growth.”
The outlook for the fall is more muted, with demand from the corporate sector still severely impacted by the pandemic. ... “STR’s updated forecast for the country shows that the gap between RevPAR performance in 2019 and 2021 is expected to widen in Q4,” Baxter said.
“In line with seasonal trends, Q4 is expected to generate softer results than Q3, as hoteliers typically rely on business demand during the fall months. ... Based on the spike in COVID-19 cases, the expected pent-up corporate demand from the American and domestic source markets may be more muted than originally anticipated.”
The 2021 forecast for new hotel openings has Montreal leading with 7 projects/1,000 rooms opening. ... In 2022 and 2023, Toronto is forecast to top the list with 8 projects/1,182 rooms and 15 projects/2,148 rooms opening respectfully.
The updated STR forecast shows some international and corporate travel demand is expected to resume in Q4. There is, however, an element of risk surrounding the timing of the reopening of the U.S. ... The longer-term recovery outlook remains unchanged with demand not exceeding 2019 levels until 2024.”
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.
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While it is unlikely all projects will see their way to development, HVS forecasts supply growth to average 2.0% per year over the next three years. ... Demand Outpaces Supply Growth Nationally, Continuing to Fuel Positive Hotel Performance According to STR, Canadian Hotels reported a 2018 year-end ADR of $163 and an occupancy of 67%.
On a global scale, the travel and tourism industry is forecasted to grow at a faster rate than other major industries, supporting 126 million jobs directly over the next ten years. ... At the same time, the demand for talent will continue to outpace talent supply.
STR analysts note that a 3.1% increase in Q1 demand (room nights sold) can be attributed to a jump in inbound tourism, which could be due to the openness of the country's borders and the weak Canadian ... All of the country's Q1 performance metrics exceeded STR's Forecast for Q1, with the exception of supply, which grew 0.9%.
Earlier this year, STR analysts forecasted continued performance growth for the country with demand helped by celebrations around the 150th anniversary of Confederation.
Earlier this summer, STR analysts forecasted continued performance growth for the country with demand helped by celebrations around the 150th anniversary of Confederation Three provinces saw double-digit
HENDERSONVILLE, Tennessee -- Canada's hotel industry is projected to report further performance growth through 2018, according to a quarterly forecast report from STR and Tourism Economics . ... RevPAR growth was lower than forecasted in Toronto (+6.9%) and Vancouver (+5.4%).
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It put downward pressure on ADR from US demand, which is a significant component of demand in this market. ... Given the uncertain nature of the project, we have not taken this development into consideration in our forecasts of future demand growth for the market.