Canada’s Hotel Industry Is Booming
Skift Take
Canada’s hotel RevPAR exceeded C$200 for the first time on record in August, with ADR up 6.1%. Plus, other hotel deal and development news.
The DJIA fell 172 points, the Nasdaq was down 76, the S&P 500 fell 19 points, and the 10-year treasury yield was up another .03 to 4.15%. Lodging stocks were lower. SOND was the big mover again, down -5% on the day.
Canada’s hotel RevPAR exceeded C$200 for the first time on record in August. CoStar said occupancy for the month averaged 80.7% which was up 1.5% year-over-year. ADR was up 6.1% to C$250.18, resulting in RevPAR of C$202.01, up 7.7%. The occupancy level was the highest since August 2014, with British Columbia reporting the largest occupancy lift, up 6% to 87.2%. Newfoundland and Labrador registered the highest increases in ADR, up 17.4% to C$243.50, and RevPAR, up 18.6% to C$210.42. Among the major markets, Vancouver saw the largest gains in occupancy, up 4.6% to 91.9% and RevPAR, up 12% to C$340.08. Toronto had the highest ADR gain, up 8.1% to C$281.46.
Marriott Sacramento Rancho C
