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North America

Canada’s Hotel ADR and RevPAR Hit Record High in 2022

Alan Woinski and Kim Woinski

January 25th, 2023


Skift Take

  • Gordon Haskett downgraded Airbnb to Underperform from Hold. They lowered their price target to $87 from $94. The firm also cut their rating on Booking.com to Hold from Buy.
  • STR reported US lodging data for the week ended 1/21. RevPAR was up 26.2% year over year while up 5.6% versus 2019.
  • The DJIA rose 9.88 points, or little change. Nasdaq fell 0.2%; S&P 500 was barely changed. The 10-year Treasury yield fell to 3.461%.

The DJIA rose 9.88 points, or little change. Nasdaq fell 0.2%; S&P 500 was barely changed. The 10-year Treasury yield fell to 3.461%.

Gordon Haskett downgraded Airbnb to Underperform from Hold. They lowered their price target to $87 from $94. The firm also cut their rating on Booking.com to Hold from Buy setting a target price very close to the current price at $2,456. BofA Securities also cut their rating on Booking to Neutral from Buy with a price target of $2,700. Barclays maintained an Equal Weight rating on ABNB but upped their target price to $105 from $103. There is a lot of jockeying by analysts on the lodging/travel sector as we get closer to earnings.

Vacasa said they are laying off 17% of the company, or 1,300 employees. The company said they are focusing on profitability. VCSA also confirmed their earlier guidance for 4Q22.

STR reported US lodging data for the week ended 1/21. RevPAR was up 26.2% year over year while up 5.6% versus 2019. 

The construction of a Hyatt Place hotel in downtown Coral Springs, Florida is expected to start in March. The new hotel will be built on the west side of Cornerstone, an apartment and retail complex by Predeso Property Investments. According to the original plans, the 144-room hotel will have a 4,400 square-foot rooftop bar and restaurant and be developed by ADËLON Capital and run by AD1 Management.

Canada’s hotel ADR and RevPAR were the highest for any year on record, according to STR’s 2022 data. 2022 (percentage change from 2019): occupancy: 61.1% (-6.0%); ADR: CAD181.73 (+10.0%); and RevPAR: CAD111.06 (+3.5%). Among the provinces and territories, British Columbia record the highest 2022 occupancy level (66.5), lagging the pre-pandemic comparable by 4.5%. Among the major markets, Vancouver recorded the highest occupancy (72.9%), 8.2% behind 2019. New Brunswick (54.7%) saw the lowest occupancy among provinces, down 8.1% against 2019. At the market-level, the lowest occupancy was reported in Edmonton (51.8%) which was 4.1% below the 2019 comparable.

Cambria Hotels announced the opening of Cambria Hotel Austin Uptown Near the Domain. The five-story, 135-room hotel is the second of three planned Cambria properties to open in the Texas capital. Amenities at the Cambria Hotel Austin Uptown Near the Domain include: multi-purpose indoor and outdoor spaces including a seasonal outdoor pool and sundeck. onsite dining, more than 5,500 square feet of multi-function meeting and event spaces, and a fitness center. The newest Cambria was developed by MoPax Hotel Development.

Blue Water Development recently acquired the Inn at Pine Knoll Shores in Atlantic Beach, North Carolina; management of a campground located in Rockport, Maine; and a campground in Greenfield Park, NY. The Inn at Pine Knoll Shores is located on the Atlantic Beach oceanfront. The seven-story property has recently undergone renovations featuring onsite dining options. Sea Swell Campground features amenity-packed wood camping and is central to scenic Maine harbors and local recreation. Skyway Camping Resort offers all the classic camping amenities in the Catskill Mountains.

Town Officials of Atlantic Beach, South Carolina are considering the construction of a new 21-story oceanfront luxury hotel and condo building. The new building, named “The Black Pearl of the Atlantic” would feature 168 hotel rooms, 36 short-term rental units, 24 luxury-condo units, and 420 parking spaces within a nearby 11-story parking garage. The $80 million project is being proposed by Morant Properties LLC. The “Black Pearl” could feature a banquet hall, meeting and conference rooms, exercise rooms, indoor and outdoor pools, a spa and sauna, gift shop and dedicated space for Town Museum artifacts and memorabilia.

Wyndham Hotels & Resorts is expanding in the city of Santo Domingo in the Dominican Republic with plans to build the Wyndham Grand Everest hotel. The hotel will cost US$100 million and will be the first Wyndham Grand condo hotel in the county. The 22-story Wyndham Grand Everest is slated to open in spring 2025 with 252 rooms, two restaurants, meeting rooms, an events space, corporate offices, and other operational facilities.

Hotelbeds has collaborated with The Leading Hotels of the World, expanding its luxury collection across the group’s more than 400 properties. The new preferred vendor agreement gives Hotelbeds’ clients access to a significant luxury portfolio for the first time, which offers properties in more than 80 countries worldwide. In turn, the agreement opens up Hotelbeds’ 195-country distribution system to LHW’s hotels providing a wealth of benefits, including increased revenue streams and its industry-leading ability to ensure rate parity across all of its channels.

Personnel Moves

Kieran Bowers is leaving Swire Properties, and will be succeeded as president by Henry Bott, Swire’s chief representative in Vietnam. Bott was previously involved in Swire Properties Limited’s projects in China, Hong Kong (where Swire is based), and Southeast Asia. Bowers will be moving back to the UK with his family in March.

Cote Family Companies announced the appointment of Agnelo A. Fernandes as CEO. Fernandes succeeds Tom Juliano, who has served in the role since 2017. Fernandes has held senior executive positions with brands like Canyon Ranch, Sonesta Hotels, and most recently with Coral Tree Hospitality and its flagship, Terranea Resort, as chief strategy officer and executive vice president.

Europe Highlights

Hyatt Hotels Corporation announced the debut of the Destination by Hyatt brand in the United Kingdom with SCHLOSS Roxburghe. The historic estate has recently gone through an extensive transformation, including the addition of a spa, 58 new rooms and suites in the newly constructed extension The Estate House, and 12 cottages. Formerly owned by the Duke of Roxburghe, the countryside retreat offers a total of 78 guest rooms and suites as well as 12 two-bedroom cottages. Looking ahead, the property is set to introduce 50 additional cottages, planned to be available starting in 2023. Amenities of SCHLOSS Roxburghe features SCHLOSS Spa with an outdoor heated infinity pool, plunge pool and hot tub, three treatment rooms, a fitness suite, a dry sauna and an aromatic sauna. The property boasts its own Country Sports Center; 18-hole championship golf course; two on-site gastronomic experiences alongside a tearoom and various lounges; and a purpose-built banqueting suite and extensive meetings facilities.

BWH Hotel Group is expanding its upscale, chic boutique band, Aiden, as the brand is set to grow by over 200% in the years ahead with the portfolio doubling in 2023 alone. Highlights of the brand growth include the upcoming launch of Aiden in India and the launch of Aiden in Scandinavia, where 30 new hotels have been added to the portfolio, each of which offers groundbreaking hologram concierge service. The projected growth includes the opening of 30 hotels in Scandinavia in partnership with CIC Hospitality, welcoming the Aiden brand to the region. The first hotel, Aiden by Best Western Herning will open in February in the Danish city of Herning. This will be Denmark’s first modular built hotel and will offer 204 rooms, a gym with a sauna, conference rooms and inviting areas for socializing or working.

Alan Woinski and Kim Woinski

January 25th, 2023

Companies: Aiden by Best Western, Airbnb, Best Western Hotels & Resorts, Blue Water Development, Booking Holdings, Cambria Hotels, Choice Hotels International, Destination by Hyatt, Hyatt Hotels Corporation, Hyatt Place, Leading Hotels of the World, MoPax Hotel Development, Swire Hotels, Vacasa

Locations: Austin, Canada, Denmark, Dominican Republic, England, Florida, Maine, New Brunswick Canada, North Carolina, South Carolina, Vancouver

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