2 minute read Lodging Econometrics
As reported in the just recently launched Construction Pipeline Trend Report for Canada by Lodging Econometrics( LE), at the close of Q12023, the nation’s hotel building and construction pipeline presently stands at283 jobs/ 37, 683 spaces. Canada’s overall building and construction pipeline increased 10 %by jobs and 5% by spaces year-over-year( YOY ).
Accelerated by the return of travel need, brand-new task statements (NPAs) in Canada saw considerable development in the very first quarter. NPAs exceeded overalls for each of the previous 5 quarters, to stand at27projects/3, 806 spaces at the Q1 close. As an outcome of the growing variety of NPAs in Q1, tasks in the early preparation phase struck a peak for the nation with145 jobs/20,583 spaces, up38% and36 %YOY, respectively.
Other pipeline metrics at the Q1 close consist of tasks that are under building, which stand at 47 projects/5,802 spaces, while jobs set up to begin building in the next 12 months are at 91 jobs/11,298 spaces. Furthermore, combined restoration and brand name conversion jobs in Canada reached a record-high overall this quarter with 105 tasks/11,598 spaces.
Ontario continues to lead Canada’s building and construction pipeline with record-high task and space counts of 162 jobs/21,945 spaces and represent 57% of the tasks and 58% of the spaces in Canada’s overall pipeline. British Columbia follows, likewise reaching record-high overalls at Q1, with 55 projects/8,670 spaces, followed by Quebec with 21 projects/2,555 spaces.
The leading cities in Canada, with the most jobs in the pipeline at Q1, are Toronto, with 61 projects/8,763 spaces. Following distantly is Vancouver, then Niagara Falls, both reaching record-high job and space overalls at the Q1 close, with 23 projects/3,634 spaces and 16 projects/5,088 spaces, respectively.
Three franchise business control Canada’s building pipeline at the close of the very first quarter, representing 65% of the tasks and 60% of the spaces in the nation’s overall pipeline. These business are led by Marriott International with 78 jobs and 10,305 spaces, followed by Hilton Worldwide with 64 projects/7,850 spaces, and InterContinental Hotels Group (IHG) with 43 projects/4,347 spaces.
The leading franchise brand names in Canada’s pipeline are Hilton’s Hampton by Hilton brand names with 24 projects/2,795 spaces, IHG’s Holiday Inn Express with 20 projects/2,159 spaces, and TownePlace Suites by Marriott with a record 20 projects/2,017 spaces.
Other noteworthy brand names in Canada’s pipeline are Marriott’s Fairfield Inn with record job and space overalls at Q1 of 19 projects/1,805 spaces, Tru by Hilton with 14 projects/1,350 spaces, likewise at record-highs, and Hyatt Place with 11 projects/1,582 spaces.
LE’s projection for brand-new hotel openings in Canada requires an overall of 31 brand-new hotel tasks with 3,744 spaces to open in 2023, marking a 1.0% brand-new supply development rate boost compared to 2022 overalls. In 2024, LE experts anticipate a 1.1% boost in space supply with 68 brand-new hotel projects/4,048 spaces anticipate to open by year-end.
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