Canada’s Hotel Industry Sees Strong Growth in 2024 – Room Rates Drive Revenue
Canada’s hotel industry is booming, with RevPAR up 3.1% year-over-year, fueled by higher room rates rather than occupancy gains. ADR rose to CAD $180.04, marking a 2.7% increase, while occupancy edged up slightly to 49.8%. With new hotel developments set to enter the market in 2025, is Canada’s hotel industry headed for sustained growth or a market correction?