WASHINGTON – 23 May 2024 – After four consecutive months of year-over-year declines, Canada’s hotel industry reported an increase in occupancy, according to CoStar’s April 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
April 2024 (percentage change from 2023):
- Occupancy: 64.0% (+2.7%)
- Average daily rate (ADR): CAD188.39 (+5.1%)
- Revenue per available room (RevPAR): CAD120.64 (+8.0%)
“The year-over-year growth in occupancy suggests that downward pressure on hotel demand related to weaker economic conditions will not be linear, as the period from December through March suggested,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada.
“A calendar shift also influenced results, with some corporate group and transient demand being pushed to April to avoid the Easter break and other holidays. The reverse occurred with Easter in April 2023, so this year’s growth rates are not exactly apples to apples. However, when combining March and April, demand grew 1% year over year.
“Room rate growth accelerated in April, mostly driven by groups which posted an increase of 10.5%. Occupancy in the segment also stood out, up 3.7%, benefitting from weekday group demand.”
Among the provinces and territories, Ontario recorded the highest April 2024 occupancy level (68.1%), which was 4.2% above 2023.
Among the major markets, Vancouver saw the highest occupancy (79.3%), down 0.6% over April 2023.
The lowest occupancy among provinces was reported in Prince Edward Island (41.5%), up 2.2% against 2023.
At the market level, the lowest occupancy was reported in Edmonton (+2.5% to 60.9%).
“When looking at performance by class, luxury hotels reported a 4% lift in occupancy in April,” Baxter said. “Higher-end hotels have posted marginal occupancy growth year to date, while all other classes are contracting year over year, likely directly related to weaker economic conditions, with consumers who typically stay in Luxury or Upper Upscale hotels more immune to belt-tightening. On a positive note, select- and limited-service hotels also reported occupancy growth for the month.”
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 82,000 properties and 10.7 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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