Canada’s February resort RevPAR exceeded $100 for the primary time on document

Canada’s resort efficiency elevated from the earlier month, with February income per obtainable room (RevPAR) exceeding CAD100 for the primary time on document, in accordance with STR‘s February 2023 information.

February 2023 (share change from 2019)

• Occupancy: 59.2% (+0.7%)
• Common every day price (ADR): CAD174.62 (+16.5%)
• Income per obtainable room (RevPAR): CAD103.33 (+17.3%)

“Canada’s resort efficiency developments that emerged midway by way of 2022 have remained extremely constant, and February was no exception,” stated Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the mum or dad firm of STR. 
 
“Sturdy room price development throughout all segments and elevated transient demand, notably on weekends, stay the principle drivers of efficiency restoration,” Baxter stated. “Group and weekday demand remained beneath pre-pandemic ranges, with group occupancy down 12% from 2019. January and February usually are typically gradual months for the section, so we are able to count on the index to enhance as we transfer into excessive season for teams (April by way of November). We will additionally count on to see an enchancment as worldwide group journey reemerges all year long. Weekday occupancy, which can be utilized as a proxy for company journey demand, was down simply 3% in February, signaling relative power within the section. The elevated variety of staff returning to workplace might immediate much more enchancment for company demand.”

Among the many provinces and territories, Manitoba recorded the very best January occupancy degree (70.4%), which surpassed the pre-pandemic comparable by 7.5%. 

Among the many main markets, Vancouver reported the very best occupancy degree (74.4%), which was 2.0% above 2019. 

New Brunswick (48.1%) noticed the bottom occupancy amongst provinces, up 2.3% towards 2019. On the market-level, the bottom occupancy was reported in Edmonton (51.3%) which was 4.9% beneath the 2019 comparable.