The Canadian Hotel Investment Conference (CHIC) returned to the Hilton Toronto for its 29th year, drawing more than 500 attendees and close to 50 vendors for a full day of networking, market insight and sector-specific strategy. STAY Magazine is proud to be the official media partner of CHIC 2025.
Owned and produced by Big Picture Conferences, this year’s conference tackled a wide range of topics including hotel performance and transaction trends, development and construction challenges, capital sourcing and debt structures, CEO-level operational strategy, and shifting management models. Breakout sessions provided focused discussions on topics such as third-party versus in-house management, tax and insurance strategies, and evolving guest preferences in new-build design. Across plenaries, panels and keynote interviews, speakers offered data-driven perspectives on growth, risk and resilience in a rapidly evolving investment climate.
This special report offers takeaways from panel discussions, breakout sessions, keynotes and transcripts. It is intended as a post-conference debrief for attendees and as a resource for industry professionals who could not attend.
Plenary: And now, I’ve heard everything!
Session focus: Macroeconomic and geopolitical analysis from a Canadian hotel sector perspective
Speakers:
In a candid plenary, panelists brought both economic rigour and political realism to CHIC 2025, outlining the macro forces affecting Canadian hotel investment in the year ahead. With inflation easing but volatility rising, the tone was one of watchful optimism laced with deep concern about geopolitical interference, protectionism and economic sentiment.
Avery Shenfeld: “Things were looking good—until Trump came back." CIBC’s Avery Shenfeld opened with a clear view of the Canadian economic landscape: "Inflation has been brought under control and the Bank of Canada has responded with rate cuts, which began in 2024 and continued into early 2025." As a result, he noted, sectors previously stifled by high borrowing costs—like housing and consumer spending—have begun to recover.
Shenfeld anticipated economic growth through 2025 and 2026, especially in rate-sensitive areas, and projected that elevated unemployment (hovering around 6.7 per cent) would buffer workforce shortages. “There are a number of people already in Canada who would be prepared to take those jobs and get back to work,” he said.
But the optimism was sharply tempered by U.S. political risks. A potential second Trump administration has revived the threat of tariffs, with early announcements already causing international alarm. “We don't know what the endgame is,” Shenfeld admitted, warning that the April 2 tariff announcement alone could have “made a global recession inevitable.” He stressed that economists across the board view tariff wars as damaging: “Unfortunately, the other one per cent of economists work for the Trump administration.”
Tariffs, he argued, are inflationary, reduce trade efficiency, and deter capital investment. And in Canada, so tightly tied to the U.S. economy, “a slowdown there becomes a slowdown here.”
David Coletto: “The public mood has shifted from scarcity to precarity.” Abacus Data’s David Coletto brought a powerful behavioural overlay to the economic analysis, drawing on fresh polling to describe a nation gripped by existential anxiety.
Coletto explained how years of housing unaffordability, rising costs and geopolitical instability have created what he calls a scarcity mindset—a feeling that core life necessities (like housing, childcare, or a family doctor) are increasingly out of reach. But now, he argued, we’ve moved into something even more destabilizing: precarity.
“When Trump re-entered the global political scene with threats toward Canada, the public mindset shifted. Canadians are now not just worried about cost—they’re worried about national security, sovereignty, their job, retirement and the future of the country,” he said.
He noted that 68 per cent of Canadians worry about affording basic needs over the next six months, and 70 per cent are delaying major life decisions due to economic uncertainty. One data point stood out starkly: 80 per cent of Canadians surveyed said Donald Trump’s actions are creating direct stress about Canada’s future.
On the political front, Coletto tied these anxieties to the dramatic collapse of support for Trudeau’s Liberals and the rise of Mark Carney, whose calm, competent tone found resonance in an uncertain time. “In a scarcity mindset, someone like Carney wouldn’t have had a chance. But in an age of precarity, voters are turning to someone who feels like a stabilizer.”
Rod Clough: “Plan. Pivot. Prepare.” HVS’s Rod Clough took a sharply strategic view of current U.S. economic policy and its long-term implications for hotels in both Canada and the U.S.
Clough warned that we are “just starting to see” the consequences of a deliberate and radical reorientation of the U.S. economic model. “It’s not random,” he said. “It’s a plan—one designed to shock and shift the foundation of government and trade.”
He flagged several specific policy areas as red flags:
Administrative centre contraction: The U.S. government is actively reducing the size of its civil service, which is already diminishing hotel demand in cities like Washington and Denver.
Military town resurgence: Parallel to administrative contraction is increased investment in military infrastructure. “There will be new opportunities in military-centred regions,” Clough said.
Retail sector disruption: As tariffs raise the cost of goods, demand-side consumption is dropping. This will reduce travel linked to logistics, retail expansion and corporate travel related to large retailers.
Immigration reduction: Clough warned this policy shift could create a labour supply crisis. “Fewer workers mean fewer travellers—and fewer hotel guests,” he said.
While Clough acknowledged opportunities for strategic investment, particularly in distressed assets or shifting regional markets, he stressed that this is not a cycle—it’s a structural shift. “The U.S. hotel sector was built on 30 years of trade-driven, service-focused growth. That foundation is now changing,” he said.
Nicole Nguyen of CBRE and Jessi Carrier of Colliers
Plenary: How is the hotel industry really doing?
Session focus: Performance metrics, transaction trends, RevPAR forecasting, and regional outlooks.
Speakers:
Following the opening economic discussions, the second plenary of CHIC 2025 shifted the focus directly onto Canadian hotel fundamentals—occupancy, rate, revenue per available room (RevPAR), transaction volume and regional performance disparities. Drawing from real-time market intelligence, Nicole Nguyen of CBRE Hotels and Jessi Carrier of Colliers Hotels offered a realistic portrait of where the industry stands.
RevPAR: 2024 saw growth, but 2025 will be about moderation
Nguyen began by noting that 2024 closed with a national RevPAR gain of approximately 4.5 per cent, driven more by rate than occupancy. While these numbers continued the post-COVID recovery trajectory, the story for 2025 is significantly more subdued.
“2025 is shaping up to be a year of moderation,” Nguyen said. “We’re approaching capacity ceilings in several key markets, and while ADR is still growing, it’s losing momentum.”
She projected that occupancy levels will plateau around the 66 to 67 per cent range nationally, which she referred to as “a strong foothold” for the industry but one that lacks headroom. “With minimal runway left for occupancy gains, future RevPAR growth will have to come from ADR—and that’s where we’re seeing challenges,” she said.
Nguyen emphasized that new supply is finally re-entering the marketplace, especially in the Greater Toronto Area, for the first time in years. In 2025, Ontario alone is expected to add approximately 3 per cent new inventory, the most significant supply injection since 2018. While necessary, this new capacity will temporarily suppress RevPAR in affected markets as demand takes time to absorb it.
Regional performance: Atlantic softness, central resiliency, and Taylor Swift
Nguyen and Carrier offered a region-by-region breakdown to contextualize the national figures:
Atlantic Canada: Both Halifax and St. John’s are projected to underperform in 2025. In St. John’s, occupancy dropped significantly in 2024 due to the removal of demand tied to refugee housing and other non-traditional travel segments. “This is not a reflection of economic weakness, but rather the end of a demand anomaly,” Nguyen noted.
Halifax, by contrast, saw healthy demand growth in 2024 but was unable to translate that into RevPAR gains due to a surge in new hotel openings. “The supply came online faster than demand could absorb it,” she said.
Central Canada: Toronto and Montreal are expected to remain relatively stable, although Toronto faces pressure from new supply and the evaporation of one-time event boosts. Nguyen pointed to Taylor Swift’s 2024 tour as a material market influence—Vancouver saw over 30,000 additional room nights and $51 million in room revenue directly attributable to the concerts, while Toronto generated a more modest $48 million boost.
“The removal of those one-off spikes from the 2025 base makes year-over-year growth look flatter than it actually is,” Nguyen explained.
Ottawa: Carrier flagged the impact of the federal election and a sharply reduced parliamentary sitting schedule. “There is a direct and measurable correlation between sitting days and government-related hotel demand,” he said. As a result, Ottawa is expected to be one of the weaker major markets in 2025.
Quebec City and Montreal: Both are performing steadily. Nguyen pointed to increased interest from European travellers and improving group bookings, particularly over the summer months. “The European architecture, culinary tourism, and international branding of these cities give them an edge in attracting overseas leisure travellers,” she said.
Transactions: Money is moving—but not where it used to
Carrier provided a detailed look at Canada’s hotel transaction landscape. While volumes in core markets like Ontario and B.C. have slowed due to limited listings and pricing standoffs, secondary and tertiary markets—particularly in Atlantic Canada—have become more active.
“We’re seeing capital flow east and west, largely because it can’t find product in central Canada,” Carrier said. “Groups that have been growing and are well-capitalized are now deploying equity in places like Dartmouth and Moncton.”
He noted that pricing remains healthy, citing multiple deals trading in excess of $150,000 per key. “That’s significant for those regions, and speaks to the underlying confidence in long-term fundamentals,” he added.
Carrier also discussed a shift in buyer profiles: “We’re seeing more local and regional players building scale in their home markets. Institutional capital is still around, but they’re very selective and largely sticking to premium assets or portfolios.”
Investment themes: Patience and fundamentals
Both speakers emphasized a return to fundamentals among buyers and sellers. Deals are taking longer to close, and underwriting has tightened in response to high insurance costs, elevated property taxes and sustained operating expense pressure.
“There’s still a lot of money on the sidelines. The biggest issue is pricing,” Carrier said. “Sellers are holding onto 2022 expectations, but buyers are looking at operating margins that are under pressure.”
Plenary: Oh, to be a hotel CEO today
Plenary: Oh, to be a hotel CEO today
Session focus: Leadership strategies in operations, capital planning, team management and growth
Speakers:
If one word captured the spirit of CHIC 2025’s CEO panel, it was turbulence. But amid rising costs, staffing volatility, capital constraints and geopolitical distractions, the three panellists displayed steadiness, pragmatism, and a grounded sense of leadership. Their takeaways, though varied by ownership model and market exposure, revealed a sharp alignment around capital discipline, risk mitigation and people-first operations.
"Turbulent. Choppy. But full of opportunity."
The session began with moderator Tyler MacDonald asking the CEOs for a single word to describe the current environment. Responses included: turbulent (Charania), choppy (Laport), and opportunity-rich (Toor).
“There’s definitely noise,” said Laport. “Markets are behaving differently. Florida’s solid, Milwaukee is shaky, and Edmonton is improving. You can’t generalize. You need contingency planning and regional intelligence.”
Charania added, “We’re cautious. There are so many external factors we can’t control, but we can control how we react—through discipline and long-term thinking.”
Toor, who runs the family-owned Manga Hotel Group, agreed: “There’s complexity, but also opportunity. Demand is still strong, and we’re building in high-barrier markets. But we’re choosing locations and brands very strategically.”
Cross-border shifts and patriotic travel trends
A substantial part of the conversation focused on Canadian-U.S. dynamics. With rising political tension and a drop in airline capacity, the CEOs noted shifts in domestic travel patterns.
“We’re seeing Canadians travelling more within Canada. There’s a patriotic element, and the exchange rate helps,” said Toor. He cited internal data showing strong demand across provinces, with fewer outbound trips to the U.S.
Charania added, “Interprovincial travel is rebounding. Destination Canada reported a 38 per cent year-over-year increase in intent to travel within the country. We see that in our weekend occupancies and shoulder season resilience.”
Laport offered a U.S. operator’s view: “We still see Canada-U.S. traffic as stable. The political noise is real, but the fundamentals of cross-border business are intact.”
Growth strategy: Build, convert, or wait?
Despite a cooling capital market, all three CEOs confirmed they are actively developing. Manga and Concord, in particular, are building ground-up or engaging in adaptive reuse projects in urban centres like Calgary.
“We’re doing a full office-to-hotel conversion in downtown Calgary with PBA,” Laport said. “The math made sense—we bought below replacement cost and partnered with the city to make the numbers work.”
Charania, representing a more risk-averse, family-owned platform, said growth is still a priority—but must be framed within succession planning and capital preservation.
“We’re always looking at where we are in the lifecycle of our licenses, what renovations are due, what technologies we need to adopt. It’s long-term, and it’s personal,” she said.
Toor added: “We’re looking at high-barrier urban locations. Some of our best deals are conversions or brand repositionings, not just new builds.”
Contingency planning and operational control
In a particularly candid exchange, Laport revealed that Concord has built internal financial models for varying levels of revenue decline: “We’ve prepared tactical playbooks for -10 per cent and -15 per cent revenue scenarios. These include very hard decisions—from staffing to energy savings. You can’t make those calls reactively.”
Charania emphasized the basics: “Sales, sales, sales. That’s what my dad would say. Revisit your processes. Check if the strategies you adopted during COVID still make sense today.”
All three CEOs stressed the importance of returning to disciplined revenue management and operating lean.
Breakout: Which way do I go? In-house vs. third-party management
Breakout: Which way do I go? In-house vs. third-party management
Session focus: Strategic decision-making on hotel operations models
Speakers:
In this engaging and at times humorous breakout session, industry veterans debated the operational crossroads facing hotel owners: whether to retain operations in-house or outsource to a third-party management firm. The discussion, moderated by Tony Cohen, unpacked the practical, financial and philosophical factors that influence how owners run their hotels—and how those choices evolve as portfolios grow more complex.
Cohen opened by asking each panellist how they self-identify—as operators, owners, investors or hybrids.
Philippe Gadbois positioned Atlific as a pure-play third-party manager, with deep full-service capabilities, having evolved from a developer/operator into an independent management platform. “We deliver the same level of service and systems you’d get from brand management—but with alignment to the owner’s interests,” he said.
Anil Taneja offered a classic family-business perspective. “We started as real estate investors. We didn’t set out to operate—but over time, out of necessity, we did,” he said. Taneja described how he and his brothers worked every job in the business, from front desk to security, when staff left. “Eventually, we fell in love with hospitality,” he said. Palm Holdings now builds, owns and self-operates hotels but does not take on third-party assignments.
Perry Vashee said Opal Hospitality began as an owner-operator but has shifted toward third-party management, especially for mid-scale and focused-service properties. “We work best with new or smaller owners who need operational guidance and close support,” he said.
Cohen summarized: “Some of you came into operations by design, some by accident. But every owner eventually hits a complexity ceiling where they must choose: scale up internal systems, or bring in experts.”
The pros and cons: Efficiency, experience and ego
Cohen, half-jokingly, shared ChatGPT’s top “pros and cons” of third-party management—expertise, efficiency, access to networks vs. perceived loss of control and fees—and asked the group if they agreed.
All speakers endorsed the value of third-party management when well-matched to the asset and ownership structure.
Gadbois emphasized the importance of career pathways. “People want to work for brands or for serious third-party operators. That’s how you attract and keep talent,” he said. He noted that the labour pool has become more discerning post-COVID, and companies with operational depth and culture have a recruitment edge.
Vashee added that scale matters: “Post-COVID, there’s been so much change in brand standards and staffing models. Third-party firms have the reach to help properties reset effectively. We can onboard talent quickly and help owners return to brand compliance.”
For Taneja, the issue wasn’t capability—it was control and alignment. “We’re cautious because it’s our money, and it’s personal. We have fewer decision-makers and tighter capital cycles. That makes it harder to hand the keys to someone else,” he said.
Cohen pushed back gently: “But isn’t the real question whether the fee is justified by performance?”
All agreed: yes. Third-party fees—whether 3 per cent, 5 per cent or more—must correlate to increased revenue, stronger margins, or strategic benefit.
Decision triggers: When do owners shift models?
Cohen asked the group to describe scenarios where an owner should consider shifting from self-operation to third-party, or vice versa.
Gadbois said that inflection points often include:
“Managing five brands across three provinces is different from running two flagged hotels locally,” he said.
Vashee agreed: “The tipping point is usually when internal processes start to fail. That’s when performance dips and the owner realizes they need outside structure.”
Taneja noted that his team routinely revisits the question. “We’ve thought about it. And we may still explore it in future. But for now, we love our team, and we love the direct connection with our hotels.”
Cohen closed the panel with a final question: Would any of you take on a deal that offered a strong fee, even if the asset or owner fit wasn’t ideal?
Gadbois responded diplomatically: “History has taught us that no deal works without alignment. We’ve learned to say no.”
Fireside keynote: Pat Pacious, President & CEO, Choice Hotels International
Fireside keynote: Pat Pacious, President & CEO, Choice Hotels International
Session focus: Brand strategy, growth segments, technology, and the Canadian market
Speakers:
In a wide-ranging and upbeat fireside keynote, Pat Pacious, CEO of Choice Hotels International, sat down with Beth McMahon of the Hotel Association of Canada to discuss macro trends, emerging guest needs, brand growth and the company’s vision for the Canadian market. Speaking candidly in front of an investor-heavy audience, Pacious emphasized Choice’s position as a franchise-focused, value-driven brand that is actively evolving to meet industry headwinds with innovation, particularly around technology and asset-light expansion.
Pacious opened by reaffirming Choice Hotels’ long-standing presence in Canada, stretching back to 1955 with the Quality Inn in Prince Edward Island. “That property is still in our system today—owned by the same family, now in its third generation,” he said. “We’ve always treated our Canadian business as a truly Canadian business. It’s not a 51st state and never will be.”
That distinction, he explained, has shielded Choice from some of the turbulence caused by U.S. political volatility. “Most of our guests here are Canadians. Our team is based in Toronto. Our growth in Canada is deliberate, organic, and tied to domestic travel realities,” he said.
Cambria enters Canada; extended stay expands
One of the session’s headline announcements was Choice’s plan to launch its upscale Cambria brand in Canada for the first time, with a project at the Thunder Bay Airport. Cambria, which has had strong performance in U.S. urban and airport-adjacent markets, marks Choice’s deeper push into the upscale tier.
“Cambria won the J.D. Power award in its segment last year, and we’re excited to bring it to the Canadian market,” Pacious said. He highlighted the growth of the Ascend Collection as another pillar in the company’s upscale strategy, with 30 Ascend hotels already operating in Canada and over 400 globally.
Even more notable was Pacious’s emphasis on extended stay, which he called “the hottest segment in the U.S.” and a future opportunity for Canadian investors.
“We’ve become the fastest-growing extended stay brand company in the U.S.,” he said. “Our WoodSpring Suites brand has NOI margins around 55 per cent. That’s attracting institutional capital, private equity and family offices.” He added that two-thirds of all under-construction extended stay hotels in the U.S. today are Choice-branded.
The demand drivers are durable: contractors, medical staff, government workers and relocation guests. “These are people who stay 30 to 90 days, and they want kitchens, comfort, and cost certainty,” Pacious said. He also flagged that many Canadian markets have the right mix of demand and land economics to support extended stay builds.
AI and automation: From novelty to necessity
Technology—and particularly generative AI—emerged as a major focus of the conversation. Pacious explained that Choice is investing heavily in tools that support owners in revenue management, guest engagement and efficiency.
“The industry’s biggest challenge today is managing rising costs and stagnant margins,” he said. “AI can help owners automate decisions, streamline operations and drive revenue more intelligently. That’s why we’ve built training modules through Choice University to help franchisees adopt these tools.”
Pacious gave the example of how Choice uses AI to optimize pricing, direct bookings, and even loyalty engagement touchpoints. “It’s not just a trend. It’s an operational necessity,” he said.
A brand portfolio with a local focus
Choice now operates 22 brands globally, but Pacious clarified that the Canadian market does not and will not carry all of them. “We tailor our brand presence to what works locally,” he said. “In Canada, our largest brands are Quality, Comfort, and Ascend—but we’re now growing Country Inn & Suites and our Radisson acquisition brands, including Radisson Blu and Radisson Individuals.”
He also made the case for conversions as a core part of the strategy. “In uncertain times, owners don’t want long ramps. They want to get into a brand fast, start seeing returns and get support right away,” he said.
Unbranded hotels: A growth opportunity
McMahon noted that over half of Canadian hotels remain unbranded and asked Pacious whether Choice sees that as a growth opportunity.
“Absolutely,” he said. “Independent operators are being approached by newer brands with big promises—but what they really need is a brand that has been tested, that has the systems and loyalty programs in place. In uncertain times, you don’t want an uncertain brand.”
Breakout: Build it right and they will come—or they will go to your competitor
Breakout: Build it right and they will come—or they will go to your competitor
Session focus: Development strategy, evolving guest expectations, and brand positioning
Speakers:
This breakout session examined the intersection of brand strategy, development pipeline planning and the changing needs of hotel guests. Developers and brand leaders from IHG, Marriott and Hyatt shared insights into what’s driving new hotel development in Canada and how brands are responding to shifts in market demand.
The panel emphasized that guest expectations are evolving faster than many assets are adapting. Today’s traveller expects more than just cleanliness and convenience—they want wellness features, sustainable design, modern room layouts, technology integration and localized experiences. New builds and major repositionings are increasingly judged on their ability to meet these expectations out of the gate.
Panelists also discussed the advantage of building new versus acquiring outdated stock. While acquisition remains a viable strategy in certain urban markets, high renovation costs and labour challenges are pushing developers toward new construction in underserved, high-growth areas, especially secondary markets and edge-of-core locations.
Each brand shared updates on which segments and flags are showing the strongest momentum. Select-service and lifestyle brands continue to outperform, while full-service and luxury are being selectively developed in gateway cities. The panel highlighted several new Canadian projects in progress, underpinned by rising domestic travel demand and greater brand segmentation.
Independent development was also touched on, with panellists agreeing that brand affiliation remains a key lever for financing, staffing, and performance consistency, particularly in uncertain markets.
Breakout: Mastering property taxes and insurance – Targeted strategies for hotel owners and operators
Breakout: Mastering property taxes and insurance – Targeted strategies for hotel owners and operators
Session focus: Managing risk, cost escalation and compliance in tax and insurance
Speakers:
This targeted breakout session addressed two critical areas of operational cost and risk exposure for Canadian hotel owners: property taxation and insurance coverage. With rising assessment values, post-pandemic reassessments and escalating premiums across commercial real estate, hotels face mounting challenges in protecting net operating income.
The panel provided a practical discussion of how owners, general managers and financial executives can prepare for shifts in both provincial tax regimes and insurance market conditions. Topics covered in the session included tax reassessment timing, appeal strategies, and valuation best practices, as well as risk mitigation techniques, underwriting changes and ways to ensure adequate insurance protection amid rising replacement costs and liability risk.
Panel experts shared technical insights designed to help hotel stakeholders better forecast costs, reduce exposures and advocate for more accurate asset classification, especially in the wake of volatile operating years during and after COVID-19.
Plenary: Deftly deployed debt
Plenary: Deftly deployed debt
Session focus: Capital access, lending structures, and financing strategies for hotel projects
Speakers:
The final plenary of CHIC 2025 brought together senior lenders and institutional capital providers to dissect the current state of hotel financing in Canada. Moderated by David Donaldson of MasterBUILT Hotels, the conversation offered clarity on the state of borrowing, underwriting, and capital structuring in an interest-rate-sensitive environment.
The panel consensus was that capital is still available for Canadian hotel owners, but access is increasingly conditioned by asset strength, sponsorship quality, and the ability to demonstrate financial discipline.
Underwriting is tighter, but lenders are open for business
Bill de Haan (RBC) opened by noting that hotel real estate remains “a core category” for RBC’s lending book, but that deal screening is more rigorous than in previous cycles. “We’re still active. We’re lending. But we’re asking harder questions up front,” he said.
De Haan highlighted that the spread between lender expectations and borrower assumptions has widened. “Where projects break down is usually in unrealistic pro formas or incomplete capital stacks,” he said.
Ihsain Chahim (BDC) positioned BDC as a complementary lender, especially in secondary and underserved markets. “We’re not a replacement for the big banks, but we’re there when a deal needs flexibility, longer amortization, or when there's a strong regional or social impact case,” he said.
Structuring is evolving: mezzanine, preferred equity and layering
Ed Khediguian (National Bank) emphasized that traditional senior lending is being increasingly supplemented by layered capital structures. “We’re seeing more mezzanine, more preferred equity, more creative stacks overall,” he said.
He noted that for higher-leverage or repositioning projects, owners should come prepared with credible partners or co-investors. “No lender wants to be the first in unless they know who’s behind the rest of the structure,” he added.
Alan Perlis (Knightstone Capital) offered a capital markets perspective and warned that not every deal should be done just because the capital is technically available. “Liquidity doesn’t make a bad deal good. We’re seeing projects come to us where construction costs have ballooned, and the financial logic just isn’t there anymore,” he said.
Perlis urged owners to revisit feasibility assumptions from 2022 or 2023 and stress-test against today’s cost and interest rate environment. “We’re underwriting to the current market—not the last cycle,” he added.
Development financing: Higher cost, lower tolerance
Several panellists remarked on the limited risk appetite for speculative development. Hotel construction financing is still being underwritten, but primarily for well-located, branded, and market-supported projects.
“Hotel development is not for the faint of heart right now,” said Donaldson. “But the projects getting done are with strong sponsors, credible budgets, and often mixed-use or city-supported components.”
Khediguian echoed that, adding: “If you’re building now, you have to know what you're building, for whom, and why it has a clear exit.”
Ray Gupta and Kenny Gibson of Sunray Group
Ray Gupta receives a standing ovation from attendees at CHIC after being presented with the CHIC 2025 Lifetime Achievement Award.
CHIC 2025 Lifetime Achievement Award: Ray Gupta honoured
Ray Gupta, Founder, Chairman and CEO of Sunray Group, was recognized with the CHIC 2025 Lifetime Achievement Award in acknowledgement of his decades of leadership and enduring contributions to Canadian hospitality.
The award was introduced and presented by Kenny Gibson, President and COO of Sunray Group, who paid tribute to Gupta’s role in building one of Canada’s largest privately held hotel ownership and development companies. Under Gupta’s leadership, Sunray has expanded across multiple brands and markets, known for its disciplined investment approach, operational integrity and long-term vision.
In presenting the award, Gibson praised Gupta not only as a founder and entrepreneur but as a mentor and industry builder. Colleagues and peers echoed those sentiments, recognizing Gupta’s influence on the next generation of hoteliers and his ongoing impact on the national hotel landscape.
CHIC 2025 served as a timely and necessary forum for unfiltered dialogue, data-driven insight and candid peer exchange. From CEO strategy and capital structure to design trends and risk management, this year’s conference underscored both the challenges and the resilience that define Canada’s hospitality investment community.
Next year will mark the 30th anniversary of the Canadian Hotel Investment Conference, a major milestone for the event and the industry it serves. Details for CHIC 2026 will be announced in the coming months.
The Luxury Collection, part of Marriott Bonvoy’s global portfolio, has made its official entry into Atlantic Canada with the addition of Muir, a Luxury Collection Hotel, Halifax. Located in the Queen’s Marque district…
Sonesta International Hotels has appointed Gunjan Kahlon as regional vice president, lodging development.
RIMAP Hospitality Services Inc. has announced that the upcoming opening of the AC Hotel by Marriott Ottawa Downtown is set for April 24, 2025.
CFO Capital has arranged acquisition financing for the Hampton Inn & Suites Barrhaven, Ottawa.
