Le mie ricette per la real estate communityLodging Econometrics reports that at the close of the second quarter of 2019, the total construction pipeline in Canada hit an all-time high with 273 projects/35,787 rooms. Construction pipeline projects are up 14% and rooms are up a lofty 20% year-over-year (YOY).
Currently, there are 92 projects/11,118 rooms under construction. Projects scheduled to start construction in the next 12 months stand at 95 projects/11,097 rooms with projects in the early planning stage at 86 projects/13,572 rooms, both stages hitting record high counts.
In the first half of 2019, Canada opened 28 new hotels/3,213 rooms with an additional 23 new hotels/2,579 rooms scheduled to open before year-end. In 2020, the LE forecast for new hotel openings shows 64 new hotels with 6,758 rooms expected to open. In 2021, Canada is forecast to open 67 new hotels/7,428 rooms. Should all these hotels come to fruition, 2021 will set an all-time high count for new hotel openings.
The top provinces in Canada with the most projects in the pipeline are dominated by Ontario at a record-high 140 projects/17,778 rooms. Next is British Columbia, also at a record high, with 43 projects/5,877 rooms and then Alberta with 36 projects/5,667 rooms. Together the three provinces account for 82% of the rooms in Canada’s Pipeline. Distantly following are Quebec and Manitoba with 13 projects/1,882 rooms and 9 projects/1,142 rooms, respectively.
The top five cities are led by Toronto with 49 projects/7,000 rooms, at a record high and claiming 20% of all the rooms in Canada’s total construction pipeline. Following distantly are Vancouver with 13 projects/1,536 rooms, Ottawa with 12 projects/1,868 rooms, Calgary with 12 projects/1,395 rooms, and Niagara Falls with 10 projects/2,445 rooms. These five cities account for 40% of the rooms in the total pipeline.
The top franchise companies in Canada’s construction pipeline are Hilton Worldwide with 55 projects/6,558 rooms, followed closely by Marriott International with 54 projects/6,956 rooms and then InterContinental Hotels Group (IHG) with 45 projects/4,328 rooms. These three franchise companies claim 56% of the projects in the total pipeline.
The top brands in Canada’s pipeline are IHG’s Holiday Inn Express with 31 projects/3,134 rooms. Next is Hampton by Hilton with 27 projects/3,148 rooms and TownePlace Suites by Marriott with 14 projects/1,464 rooms.
Other notable brands in the Canadian pipeline are Hyatt Place with 16 projects/2,398 rooms, Best Western Plus with 12 projects/1,027 rooms and Courtyard by Marriott with 11 projects/1,634 rooms.
Source : Lodging Econometrics