HENDERSONVILLE, Tennessee—Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR’s February 2023 data.

February 2023 (percentage change from 2019)

Occupancy: 59.2% (+0.7%)

Average daily rate (ADR): CAD174.62 (+16.5%)

Revenue per available room (RevPAR): CAD103.33 (+17.3%)

“Canada’s hotel performance trends that emerged halfway through 2022 have remained incredibly consistent, and February was no exception,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the parent company of STR.

“Strong room rate growth across all segments and elevated transient demand, particularly on weekends, remain the main drivers of performance recovery,” Baxter said. “Group and weekday demand remained below pre-pandemic levels, with group occupancy down 12% from 2019. January and February typically tend to be slow months for the segment, so we can expect the index to improve as we move into high season for groups (April through November). We can also expect to see an improvement as international group travel reemerges throughout the year. Weekday occupancy, which can be used as a proxy for corporate travel demand, was down just 3% in February, signaling relative strength in the segment. The increased number of workers returning to office may prompt even more improvement for corporate demand.”

Among the provinces and territories, Manitoba recorded the highest January occupancy level (70.4%), which surpassed the pre-pandemic comparable by 7.5%.

Among the major markets, Vancouver reported the highest occupancy level (74.4%), which was 2.0% above 2019.

New Brunswick (48.1%) saw the lowest occupancy among provinces, up 2.3% against 2019. At the market-level, the lowest occupancy was reported in Edmonton (51.3%) which was 4.9% below the 2019 comparable.

VANCOUVER, BC (March 20, 2023): Fairmont Vancouver Airport has been named the #1 Airport Hotel in North America for the ninth consecutive year and has climbed to #3 in the world at the annual Skytrax World Airport Awards.

The World Airport Awards are the most prestigious accolades for the airport industry, voted by customers in the largest, annual global airport customer satisfaction survey completed across 100 nationalities of airline passengers at 550 airports from August 2022 until February 2023. The Best Airport Hotel Awards rate overall hotel experience, access from the airport to the hotel, friendliness of hotel staff, cleanliness, in-room amenities, fitness and spa facilities, quality of food and restaurant service, and value for money.

“It is an honour to be once again recognized as North America’s Best Airport Hotel and we are thrilled to be included in the top three airport hotels worldwide,” says Randall Williams, General Manager of Fairmont Vancouver Airport. “This award truly showcases the hard work of our entire team and their dedication to delivering new and extraordinary experiences every day.”

The luxury hotel, located directly in Vancouver International Airport, has re-defined airport accommodation. The hotel's newest innovations include a selection of wellness experiences ranging from complimentary in-room wellness rituals guided by Three Sages to its Fit on the Fly Suite, complete with a Peloton Bike, FITBENCH ONE, yoga mat, and self-guided Nordic hydrotherapy experience. Recently welcoming Harris Sakalis as executive chef, the hotel’s culinary offering is set to take on an exciting new direction while continuing to highlight locally and sustainably sourced ingredients from farmers and fishers across the Pacific Northwest.

Located just 90 steps from the US Departures Level, guestrooms and suites are fully soundproof with floor-to-ceiling views of the airport runways, Pacific Ocean, and North Shore Mountains. Layover meets luxury with Day Use rooms and health club passes available for travelers, while guests can check in and print boarding passes in the hotel lobby. Runway vistas and award-winning Pacific Northwest cuisine are featured in Globe@YVR restaurant, Jetside Lounge, and through its 24-hour In-Room Dining. The hotel also boasts a full-service day spa, a health club with an indoor mechanized resistance pool; and state-of-the-art meeting facilities with over 8,800 square feet of space.

The global travel and tourism industry, which has been struggling to rebound from the COVID-19 pandemic induced slowdown, is facing another setback with a significant drop in deal activity. The industry, which relies heavily on investment and strategic partnerships, saw a steep year-on-year (YoY) 60.4% decline in deal activity in February 2023, reveals GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals deal volume in the industry more than halved from 111 deals* announced during February 2022 to 44 deals announced during February 2023.

Aurojyoti Bose, Lead Analyst at GlobalData, comments:“The decline underscores the ongoing uncertainty and challenges, including changing consumer behavior, and economic volatility, faced by the travel and tourism industry. As market scenario is rapidly changing, with fears of recession investors seem to have become cautious.”

Deal activity fell significantly in most of the countries in February with several of them reporting double-digit declines. Meanwhile, some of the key markets did not see the announcement of even a single deal during the month.

For instance, the US, which happens to be top market in terms of deal volume, witnessed 71.9% decline in deal volume in February 2023. Similarly, the UK witnessed considerable year-on-year decline in deal volume by 46.2%. Meanwhile, Japan, Germany and Spain did not see the announcement of even a single deal during the month.

All deal types under the coverage (merger and acquisition, venture financing and private equity deals) also registered decline in deal volume in February 2023. The number of venture financing and private equity deals declined by 59.4% and 60%, respectively, while merger and acquisition deal volume declined by 60.9% in February 2023.

Bose concludes: “The decline in deal activity in the travel and tourism industry is a stark reminder of the ongoing challenges and uncertainties as it seeks to recover from the pandemic. However, it also presents an opportunity to explore new models and partnerships that can drive innovation and growth in the post-pandemic era. As the industry continues to navigate these obstacles, investors should remain vigilant and adaptive to the emerging trends and opportunities.”

*Comprising mergers & acquisitions, private equity and venture financing deals

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

EDMONTON, AB, CANADA – March 16, 2023 – Today, Hotel Equities (“HE”) announced the grand opening of the Courtyard by Marriott Nanaimo, a 172-room hotel in downtown Nanaimo, British Columbia. Hotel Equities partnered with Utah-based commercial real estate leader PEG Companies (“PEG”) and Petroglyph Development Group to manage the new hotel. 

“We are thrilled to have the opportunity to expand our presence in the Canadian market,” said Ryan McRae, VP of Business Development for Hotel Equities. “The Vancouver Island market has been a focus of ours for quite some time and we look forward to having representation in this highly desirable destination. We expect to continue our growth here and look forward to serving the community and the many visitors who travel here.”

The new Marriott hotel offers industry-leading amenities including a charming street-level café, large pool, and all-inclusive fitness center. Design features include angular windows with street-side views, stone panels, and a façade of exterior colors allowing it to blend well within the environment and existing buildings in the area. Vancouver-based sustainable construction firm, Nexii, has generated efficiencies in the buildout by utilizing its innovative construction methodology, saving both money and time. As part of PEG’s design plan, the new Courtyard pays homage to Nanaimo’s cultural heritage through Snuneymuxw-inspired décor and serves as a symbol of the rich cultural heritage of the Snuneymuxw people.  

The nine-story hotel is conveniently situated adjacent the Vancouver Island Conference Centre, and between Casino Nanaimoand the Nanaimo Museum. Nanaimo is well-positioned for further growth with its easy access to Vancouver and growing tourism industry.

City officials have maintained that the hotel is crucial for the downtown revitalization and success of the neighboring conference center. The Marriott is expected to spur economic growth as the first major hotel brand in the area.

“Hotel Equities has a strong footprint in Canada that benefits from HE’s strategic approach to talent and technology platforms which provide operational efficiencies across all of our properties, “said Martin Stitt, SVP of Operations for Hotel Equities. “We look forward to utilizing these systems to provide sound support for property operations benefiting our Associates, Guests, and Ownership.”