TORONTO — Cushman & Wakefield has released its 2023/24 Canadian Lodging Industry Overview. The overview recaps the results for the past year, highlights some of the key transactions and identifies emerging trends.
In 2023, the Canadian hospitality market reached a significant milestone, eclipsing 2019 market occupancy finishing the year at 65.7 per cent versus 65 per cent. ADR finished the year at an impressive 21-per-cent higher than 2019. On a national level, this recovery from COVID took just over three years, which is remarkable given the extent of the fallout from the pandemic.
The outlook for growth continues to be positive despite a muted economic outlook and high interest rates. As shown in the report, the pace of growth has slowed through the last 12 months as markets return to normalization. The majority of forecasters indicate revenue growth in the four to five per cent range this year.
Despite the diminished economic outlook going into 2024, the investment market for hotels remains strong with several notable transactions occurring in the past year.
To access the full report, click here.
