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Published on : Friday, June 23, 2017
Kobe Akuffo Owoo, the research analyst for STR said that the Canadian hotel sector had already received a record boost last year from 11% rise in inbound travel and this represented the highest for the nation ever since 2002. This is expected to wear a positive spectacle thanks to the forthcoming 150th anniversary of Confederation in Canada.
The festive event is believed to lure an increased number of visitors this July that would push the tourism arrivals further.
In the initial quarter of 2017, Canada had reported a 5.5% increase in revenue (Canadian dollars) per available room. And, this growth was driven equally by occupancy (+2.7%) and an average daily rate (+2.7%). For the rest of the year, STR and Tourism Economics Project report states that there would be RevPAR rises of 5% in Q2, 2.7% in Q3 and 4.2% in Q4.
Owoo went on to state that Canada has actually been a witness to three periods with performance declines during the last 25 years.
He feels that since the last downturn, the demand in the country has surpassed the supply. For the year 2017, the leading three room-revenue-generating markets in the country are expected to achieve record RevPAR growth between 5% and 10%. Last year, Toronto had been able to contribute the maximum share equaling to nearly 11.1% of room revenue in the country. It was closely followed by Vancouver (8.4%, and Montreal (7.3%).
Established in 10 nations across the world STR has a strong presence. It has its North American headquarters in Hendersonville, Tennessee and international headquarters in London, England.