For the week ending 22 February, Canadian hotels reported a 2.5% year-over-year decrease in occupancy to 58.5% and a 0.1% dip in average daily rate, which resulted in a 2.6% decline in revenue per available room.
Coronavirus continues to be of global concern, and remains an issue the hospitality industry should be tracking, both for economic and legal reasons. Bob Braun discusses whether the virus may trigger a force majeure event for hotel operators and owners, and what that might mean for a propertys performance obligations and other operations.
Hotel demand held steady in 2019 however new inventory caused national occupancy to decline by 1 point to 65%. Average rate growth mitigated the impact leading to a virtually flat RevPAR year.
When asked how confident they were on the industrys ability to make the future of business travel more sustainable, 65% of delegates were either broadly confident or very confident. The percentage grew to 71% when asked about the willingness of the industry.