CBRE – Canadian Hotel Industry Outlook, Q3 2024, Sep 2024

In the third quarter of 2024, the Canadian hotel industry is facing various challenges and opportunities. Despite a slight decrease in occupancy rates compared to last year, the industry is expected to rebound as travel restrictions ease and domestic tourism increases. The demand for hotel rooms is also growing due to a strong economy and increased business travel. However, the recovering economy has led to rising labor costs, posing a challenge for hotel operators. Additionally, new technologies are playing a significant role in reshaping the industry, with a focus on enhancing customer experiences and improving operational efficiency. Overall, while there are challenges ahead, the Canadian hotel industry is poised for growth and innovation in the coming quarters.