Canadian Hotels Report Negative YOY Results for Week Ending 14 March 2020

Canadian flag - Unsplash
Canadian Hotel Occupancy Down -24.3 Percent to 46.0 Percent For Week Ending 14 March 2020

For the week of 8-14 March, Canadian hotel occupancy decreased 24.3% to 46%, ADR dipped 2.8% to 140.70 Canadian dollars ($97.20) and RevPAR plummeted 26.4% to CA$64.71 ($44.70).

Reflecting the broadening concerns around the COVID-19 pandemic, the Canadian hotel industry recorded negative year-over-year results in the three key performance metrics during the week of 8-14 March 2020, according to data from STR.

In comparison with the week of 10-16 March 2019, the industry reported the following:

• Occupancy: -24.3% to 46.0%
• Average daily rate (ADR): -2.8% to CAD140.70
• Revenue per available room (RevPAR): -26.4% to CAD64.71

STR analysts note that while occupancy levels dropped in most parts of the country, room rates held somewhat steady.

Among the provinces and territories, Quebec experienced the largest decline in occupancy (-29.8% to 44.3%) and the second-steepest drop in RevPAR (-30.6% to CAD65.96).

Alberta posted the largest drops in ADR (-6.4% to CAD127.90) and RevPAR (-32.0% to CAD53.21).

British Columbia registered the third-largest decrease in RevPAR (-27.6% to CAD83.30).

Newfoundland and Labrador recorded the only increases in occupancy (+2.6% to 44.3%) and RevPAR (+1.8% to CAD53.33).

Saskatchewan saw the highest lift in ADR (+2.7% to CAD122.37).

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com.