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INNSIGHTS Q2 2023 hospitality report from Cushman & Wakefield
Cushman & Wakefield released its INNSIGHTS Q2 2023 hospitality report in August with some unique and interesting insights, from Brian Flood.
Canada Hotel Performance Update
Q2 2023 has seen a continued recovery in the hotel sector with most markets posting strong year-over-year growth compared to Q2 2022. Following a number of months of very strong ADR growth, most major markets posted stronger growth in occupancy in Q2 2023, with ADR growth beginning to soften slightly. The return of lower-rated Group demand, as well as high inflation and a slowing economy in this quarter have contributed to this trend. Hotel RevPAR performance across Canada grew by 35 per cent in Q2 2023 vs. Q2 2022, driven by demand growth of 18 per cent and ADR growth of 15 per cent. With the beginning of the summer travel season in July, the accommodation market is poised to continue to see improvements in both occupancy and ADR albeit at a slower pace than the Summer of 2022.
Major Cities Continue Recovery
Canada’s major cities continue to show significant RevPAR growth in the first half of 2023. For many markets Q1 2022 was still impacted by the Omicron variant and the year-over-year comparison reflects strong growth over this period in 2023. The strongest RevPAR growth was seen in Winnipeg at 71 per cent, followed by Toronto at 54 per cent, Montreal at 52 per cent, and Ottawa and Quebec City at 50 per cent.
All other markets showed RevPAR growth below 50 per cent, with Victoria showing the most modest growth of seven per cent. Canada’s top tourist destinations including Toronto, Montreal, Quebec City, Halifax, and Vancouver all showed strong RevPAR growth over this period as demand across all segments has continued to improve.
Read the full report: CUSHMAN & WAKEFIELD | HOSPITALITY INNSIGHTS Q2 2023