HENDERSONVILLE, Tenn. — Canada’s monthly hotel rates exceeded 2019 levels for the first time since the pandemic began, according to STR’s March 2022 data.
In comparison to March 2019, occupancy sat at 53.3 per cent (down 11.2 per cent), Average Daily Rate (ADR) was $149.73 (up 0.7 per cent) and Revenue Per Available Room (RevPAR) came in at $79.87 (down 10.5 per cent).
Among the provinces and territories, B.C. recorded the highest March occupancy level at 63.2 per cent, which was 4.6 per cent below the pre-pandemic comparable. Among the major markets, Vancouver saw the highest occupancy at 65.7 per cent, which was a 12 per cent decline from 2019. The lowest occupancy was reported in Newfoundland, coming in at 36.5 per cent, down 16.4 per cent against 2019. At the market level, Ottawa was the lowest at 43.4 per cent, down 29.8 per cent.
“The outlook for the rest of the year is positive, especially now that testing requirements at the border have been lifted and international arrivals are expected to gradually increase,” says Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “Occupancy is currently forecasted to reach 57 per cent, while ADR is expected to come in at $158 for full-year 2022. The longer-term position remains relatively consistent with previous versions of the forecast. RevPAR is expected to come within $2 of pre-pandemic results next year and exceed 2019 levels in 2024 in nominal terms. However, when adjusted for inflation, it extends the full recovery position beyond 2025.”