WASHINGTON – 24 July 2024 – Canada’s hotel industry achieved continued performance gains through average daily rate (ADR), according to CoStar’s June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
June 2024 (percentage change from 2023):
- Occupancy: 74.5% (+0.5%)
- Average daily rate (ADR): CAD231.04 (+3.7%)
- Revenue per available room (RevPAR): CAD172.10 (+4.2%)
“ADR continues to be the main driver of RevPAR improvement in Canada,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada.
“The 3.7% increase in room rates exceeded the 2.7% inflation reading in June, helping hoteliers absorb rising costs. Occupancy increased marginally again, with Tuesday and Wednesday nights producing the highest actual levels (80%+), suggesting strong business travel.
“Across classes, only luxury and upper upscale hotels saw occupancy growth, while select-service hotels reported a decline once again. With more mortgages being renewed at much higher interest rates, Canadians are feeling the pinch. The split in the data suggests that consumers with enough disposable income to stay in luxury and upper-upscale hotels continue to do so. Meanwhile, cost-conscious guests who stay in select- and limited-service hotels have tightened their belts to a greater degree.”
Among the provinces and territories, Newfoundland and Labrador recorded the highest occupancy level (82.8%), which was 4.6% below 2023
Among the major markets, Toronto saw the highest occupancy (84.7%), up 1.5% over June 2023. Despite this increase, ADR declined for the second consecutive month, primarily due to a 5.6% decrease in transient rates.
The lowest occupancy among provinces was reported in Saskatchewan (63.3%), up 0.4% against 2023.
At the market level, the lowest occupancy was reported in Edmonton (+7.5% to 62.2%).
For more information about the company and its products and services, please visit www.costargroup.com.
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, INC.
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 attracted 170 million quarterly average monthly unique visitors for the first quarter of 2024. 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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