Colliers Hotels Canada has released its INNvestment Canada Q2 2023 report. Investment highlights presented are based on preliminary transaction data collected by Colliers Hotels.
Excerpt: Year-to-date (YTD) June 2023, national RevPAR gain vs. YTD June 2019 is up by 20.1 per cent. Throughout the second quarter, Colliers says there was a notable resurgence in travel demand, building on growth observed in the first three months of the year.
Activity is expected to remain strong through the peak summer season and operational performance in most markets has generally been exceeding management budgets with the outlook for full-year 2023 being positive.
This strong bounce is acting as a catalyst for investment sales, both closed and in the pipeline. Hotel investment volume in the first half of 2023 has surpassed $1 billion, significantly above the $550 million that traded in the first half of 2022 and exceeding the $830 million recorded in the first half of 2019. Despite new interest rate realities, upwards pressure on cap rates has been mitigated by significantly improved in-place cash flows and greater visibility into future operating performance.
The Ontario government has given the green light to Niagara Parks Commission (NPC) to redevelop the Toronto Power Generating Station (TPGS) into a five-star boutique hotel near the brink of Niagara Falls.
Mundi Hotel Enterprises Inc. has added a prominent property to its portfolio with the acquisition of the hotel component in Highline Metrotown, a mixed-use tower in Burnaby, British Columbia.
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