Quarterly Hotel Update, as of June 2024
2024 Back to Normal (Consistently)
Central Counties Tourism collects aggregated quarterly hotel data from Co-Star (formally known as Smith Travel Research (STR)) for the available properties within our region, and, each quarter, shares those metrics with you.
Based solely on hotel occupancy, we saw a return to pre-pandemic levels in 2023, with respect to the demand for overnight accommodation, and 2024 continues along this same course with overnight accommodation rates consistently at expected normal levels.
RTO6 2024 Q1 Occupancy % = 68.6% (+0.5% vs 2023; +4.2% vs 2019)
RTO6 2024 Q2 Occupancy % = 79.6% (-1.7% vs 2023; +2.8% vs 2019)
RTO6 2024 YTD (Jan – Jun) Occupancy % = 74.1% (-0.6% vs 2023; +3.5% vs 2019)
Though the 2024 average aggregated Q2 and YTD Occupancy levels have dropped vs 2023, the difference is less than 2% and shouldn’t make any differences (especially when you factor inflation and revenue into the comparison: 2024 YTD Revenue is +5% vs 2023 which had 0.6% higher occupancy).
In this update, we continue to focus on Occupancy percentages in 2024, 2024 vs 2023/2019, and 2024 vs historic values for annual and quarterly data. Please click on the links below to see monthly/YTD values for the aggregated hotel data for York Region, Durham Region and the entire RTO6 region with Occupancy %s, Revenue $, Average Daily Rate $ (ADR) and Revenue Per Available Room $ (RevPAR).
2024 Q2 Occupancy Key Highlights:
The table below shows 2024 Occupancy % levels for the following comparisons: 2023, 2024 vs 2023, 2019, 2024 vs 2019, 2024 vs the 2017-2019 average), the max occupancy % (YEAR), and 2024 vs the max occupancy values. 2020-2022 data is omitted for obvious reasons.
- 2024 Year-To-Date Data
- Overall, when comparing each YTD, the first half of the year is on par with normal expected values in the entire region.
- The 2024 YTD data indicates that demand for overnight hotel accommodation into the region was ever so slightly below the same 2023 YTD by -0.6%, however, that 2023 YTD value was the highest Jan-Jun Occupancy % since CCT started collection in 2017.
- 2024 Quarterly Data
- Historically, Q2 (April – June) is the region’s shoulder season and growing towards the peak season (July – September) with an average quarterly occupancy percentage between 77% – 81%.
- 2024 vs 2017-2019 Average
- Rather than only comparing the current year to only 2019, it makes more sense to compare the average for pre-COVID years 2017-2019 which gives us a better indicator of pre vs post-COVID levels. Excluding a slower May 2024 (-1.8%), each month’s occupancy % in 2024 has been higher than the average pre-COVID year (especially March and April by +5.9% and +4.2%) with an average of +1.9%.
- Further validating that demand for overnight hotel accommodation in the region is consistent and growing slightly.
The other hotel variables (Revenue, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR)) are also up and actually are the highest in our reporting history; however, these numbers are significantly impacted by inflation, making Year-Over-Year direct comparisons problematic, especially to pre-COVID years. Figures are included below, nonetheless.
- Q2 2024 Total reported Hotel Revenue into the region’s participating properties grew by 53%!
- Q2 2024’s Average Daily Rate (ADR) was up by 28% from $137.37 to $176.30
- And lastly, Q2 2024 Revenue per Available Room (RevPAR) increased by 33% from $105.66 to $140.54
Click on the regional hotel reports below to see the Occupancy, Revenue, Average Daily Rate and Revenue Per Available Room for:
For further assistance in identifying your target markets, please contact Tom Guerquin, Manager of Research & Development at Central Counties Tourism.
