Commercial Real Estate: Vancouver hotel room demand will keep industry growingSeptember 13, 2017 11:31 am
Robust demand and revenue at Vancouver’s hotels this year suggests that the downtown core is ready for more hotel rooms, say commercial real estate and tourism stakeholders.
The hotel industry in Canada’s big cities has become the envy of commercial asset classes, according to a new report by Cushman and Wakefield. It says there has been a 11.3-per-cent year-to-date rise in total room revenue nationwide as of June.
Vancouver, Montreal, and Toronto’s room revenues have experienced the most increase, rising by 7.2 per cent, 11.4 per cent, and 11.8 per cent respectively, the 2017 second-quarter Cap Rate Report said.
There has also been a 3.7-per-cent rise in occupancy rates in the same three cities in the first half of 2017.
Categorized in: The Vancouver Sun