Canada’s February lodge RevPAR exceeded $100 for the primary time on file

0


Canada’s lodge efficiency elevated from the earlier month, with February income per accessible room (RevPAR) exceeding CAD100Canada hotel performance for the primary time on file, in response to STR‘s February 2023 knowledge.

February 2023 (share change from 2019)

  • Occupancy: 59.2% (+0.7%)
  • Common every day fee (ADR): CAD174.62 (+16.5%)
  • Income per accessible room (RevPAR): CAD103.33 (+17.3%)

“Canada’s lodge efficiency developments that emerged midway via 2022 have remained extremely constant, and February was no exception,” mentioned Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the guardian firm of STR.  “Robust room fee development throughout all segments and elevated transient demand, notably on weekends, stay the primary drivers of efficiency restoration,” Baxter mentioned. “Group and weekday demand remained beneath pre-pandemic ranges, with group occupancy down 12% from 2019. January and February usually are typically gradual months for the section, so we are able to count on the index to enhance as we transfer into excessive season for teams (April via November). We are able to additionally count on to see an enchancment as worldwide group journey reemerges all year long. Weekday occupancy, which can be utilized as a proxy for company journey demand, was down simply 3% in February, signaling relative energy within the section. The elevated variety of staff returning to workplace could immediate much more enchancment for company demand.”

Among the many provinces and territories, Manitoba recorded the very best January occupancy degree (70.4%), which surpassed the pre-pandemic comparable by 7.5%. 

Among the many main markets, Vancouver reported the very best occupancy degree (74.4%), which was 2.0% above 2019. 

New Brunswick (48.1%) noticed the bottom occupancy amongst provinces, up 2.3% towards 2019. On the market-level, the bottom occupancy was reported in Edmonton (51.3%) which was 4.9% beneath the 2019 comparable.



Leave a Reply

Your email address will not be published. Required fields are marked *