The New Hotel Openings outlook in Canada for 2009 and 2010 has been adjusted downward, and a new 2011 Canadian forecast has been issued by Lodging Econometrics (LE), Plymouth, NH. Because of continued global economic uncertainty, the 2009 forecast has been reduced to 64 new hotels/7,463 rooms, down by 333 rooms, a decrease of 4%. The 2010 forecast has been adjusted to 43 projects/5,591 rooms, down 2,164 rooms or 28%. For 2011, New Hotel Openings are projected to be at a five-year low of 36 hotels/4,380 rooms. The reports states that, “The total Pipeline peaked earlier in Q1 2008, producing New Hotel Openings of 66 hotels/7,784 rooms in 2008. This is the highest number of new hotels to come online in this development cycle.” The report adds that, “Canada is experiencing a milder recession that isn’t as precipitous as in other regions. But, developer concerns over the economy, lodging operating trends and a difficult lending environment have still led to a pronounced slowdown of projects already in the Pipeline migrating
forward towards construction.” The current total New Hotel Openings Pipeline includes 197 projects/24,252 rooms. This is a decline of 26% by projects and 29% by rooms from the Q1 2008 Pipeline peak. The total Pipeline is now at its lowest level in 17 quarters. For more information click here 

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