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Hotel growth remains sluggish as a direct effect of a stagnant tourism industry in 2012 due to poor exchange rates, a shrinking tourism-marketing budget, and increased visa requirements.
An interesting dichotomy is occurring within Canada’s hotel industry: While the North American country boasts one of the most stable economies in the world, its hotel industry remains relatively soft.
Year to date through November, hotels in Canada reported an average occupancy of 59.7%, down 0.3% over that same timeframe last year; average daily rate was $126.22 Canadian dollars ($126.81), up 2.3% from last year; and revenue per available room was CA$75.35 ($75.70), up 2% over last year, according to STR, parent company of HotelNewsNow.com.
The year-over-year increases in rate and RevPAR are less than the performance gains reported in the neighboring U.S., but comparing the bordering nations can paint an inaccurate picture because Canada didn’t experience quite as strong a downturn as the U.S. did, sources said.