Canada’s hotel pipeline reports 5% increase projects and rooms in Q2
Canada’s hotel pipeline is as strong as it ever has been.
The latest report from Lodging Econometrics finds the country’s total pipeline at 275 projects and 37,359 rooms – both increases of 5% compared with a year previous – at the end of the second quarter.
Projects currently under construction stand at 52 projects and 7,021 rooms; a further 88 projects and 10,086 rooms are scheduled to start construction in the next 12 months.
Early planning showing a 30% increase by projects and a 42% increase by rooms year over year, with 135 projects and 20,252 rooms.
Ontario continues to dominate the country’s hotel market. At the end of the quarter, the province reported 159 projects and a record 22,027 rooms. British Columbia followed with 52 projects and 8,434 rooms, while Quebec reported 22 projects and 2,480 rooms. Together, these three provinces account for 85% of the projects and 88% of the rooms in Canada’s total pipeline.
Regionally, Toronto retains Canada’s hotel crown, with 62 projects and 9,166 rooms, and fully 25% of all the rooms in the country’s total pipeline. Vancouver reported record-high project and room counts of 23 projects and 3,634 rooms. Following are Montreal with 15 projects/1,805 rooms, Niagara Falls with 13 projects/4,712 rooms, and Ottawa-Gatineau with 9 projects/1,453 rooms.
In the first half of 2023, 12 new hotels and 1,637 rooms opened in Canada with an additional 16 new hotels and 1,808 rooms scheduled to open before year-end. Next year is forecast to see 33 new hotels and 3,951 rooms open, while 43 new hotels and 4,537 rooms are forecast to open in 2025.