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.
Logos, product and company names mentioned are the property of their respective owners.