Vancouver's Occupancy Levels Lead Canadian Rivals
Skift Take
- Hotel industry updates: Canadian hotel RevPAR exceeds C$100 for third consecutive month, with Manitoba and Vancouver leading in occupancy rates.
- Renovations and expansions: Knoxville, Tennessee plans to add 350 hotel rooms, while a $12 million extended-stay hotel is set to open in Maryland Heights, Missouri.
- Company announcements: Hyatt Place Melbourne Airport opens in Florida, while LVMH scraps luxury hotel plans in Beverly Hills.
The DJIA was down 51 points but Nasdaq was up 42, the S&P 500 was flat and the 10-year treasury yield was down .11 to 3.70%. Lodging stocks were mixed. SOND was up 15% (0.0817) while SOHO jumped 12% as they announced the payment of some special preferred dividends, trying to get preferred shareholders whole again on their past dividends. AHT was up 8% on the day.
Canada’s hotel RevPAR came in above CAD100 for the third consecutive month, according to STR’s April 2023 data. April 2023 (year over year percentage change) is as follows: Occupancy: 62.7% (+9.3%); ADR: CAD178.80 (+14.8%); and RevPAR: CAD112.16 (+25.5%). Among the provinces and territories, Manitoba recorded the highest April occupancy level (74.5%), up 28.5% year over year. Among the major markets, Vancouver reported the highest occupancy level (79.8%), 5.4% above 2022. Prince Edward Island (40.2%) saw the lowest occupancy among provinces, down 5.7% year
