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 


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.