Canada Is Eagerly Building Hotels
Skift Take
- Canada's construction pipeline has a total of 275 projects and 37,359 rooms, with Ontario and Toronto leading in projects and rooms.
- Jeff Vinik is selling his share in the company that developed Water Street in Tampa, Florida, to Cascade Investment Fund LLC.
- Q Group Hospitality is launching a new LGBTQ+ boutique hotel, Queen Las Vegas, in Las Vegas, Nevada, featuring themed rooms and a nightclub.
The DJIA jumped 408 points while Nasdaq was up 85, the S&P 500 rose 40 points, and the 10-year treasury yield was up .02 to 4.08%. Lodging stocks were modestly higher.
According to the Canada Construction Pipeline Trend Report from Lodging Econometrics, the total construction pipeline in Canada at the close of the second quarter was 275 projects/37,359 rooms. Analysts at LE report that, at the Q2 close, projects presently under construction in Canada stand at 52 projects/7,021 rooms. Projects scheduled to start construction in the next 12 months are at 88 projects/10,086 rooms, and projects in the early planning stage stand at 135 projects/20,252 rooms. The top provinces in Canada at the end of the quarter are Ontario at 159 projects/22,027 rooms, British Columbia with 52 projects/8,434 rooms, Quebec with 22 projects/2,480 rooms, Alberta with 18 projects/1,832 rooms, and&nbs
