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Canadian Hotel Industry Reports Steep Year-over-year Declines

STR

Showing further COVID-19 impact, the Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 5-11 April 2020, according to data from STR.

In comparison with the week of 7-13 April 2019, the industry reported the following:

• Occupancy: -81.2% to 12.0%
• Average daily rate (ADR): -33.8% to CAD101.34
• Revenue per available room (RevPAR): -87.6% to CAD12.17

Among the provinces and territories, Quebec experienced the largest drop in occupancy (-90.5% to 6.2%), which resulted in the steepest decrease in RevPAR (-93.8% to CAD6.38).

Ontario reported the steepest decline in ADR (-38.6% to CAD101.13).

Among the major markets, Montreal recorded the largest decrease in RevPAR (-94.6% to CAD6.63), due to the largest decline in occupancy (-91.1% to 6.4%).

Toronto registered the steepest drop in ADR (-41.1% to CAD118.96).

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 and costargroup.com.

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