Quarterly Hotel Update, as of March 2023
As the tourism industry keeps moving past COVID-19 and trying to establish a ‘new normal,’ the hotel stats consistently show growth within our region, especially in the first quarter of 2023, as seen in the table below. March 2023 had the highest values in reporting when compared to the same period of time from 2017, and paints a very optimistic 2023 for our hotels and hopefully for our entire region.
When looking at hotel stats, we analyze four key indicators: Occupancy %, Hotel Revenue, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR). Though all four are important, the latter three, due to the unexpected rise in inflation over the last couple of years are skewed, and making them hard to fairly compare year-over-year. However, Occupancy % remains consistent as it tells us the % of demand from the available rooms in the region.
This month, we will analyze and compare the CCT Occupancy % for the first quarter of 2023 to the same period in 2022 and also compare it to the pre-COVID 2017-2019 averages.
| Average 2017-2019 | 2022 | 2023 | 2023 vs Average 2017-2019 | 2023 vs 2022 | |
| Jan | 61.3% | 41.6% | 62.0% | +0.7% | +20.4% |
| Feb | 67.7% | 54.3% | 68.3% | +0.6% | +14.0% |
| Mar | 68.3% | 62.7% | 73.8% | +5.5% | +11.1% |
| Average | 65.8% | 52.9% | 68.0% | +2.3% | +15.2% |
As we can see, the first quarter of 2023 performed much better than 2022, with the 2023 occupancy averaging 15% higher than 2022. Though this isn’t a huge surprise, it is a pleasant surprise seeing that Q1 of 2023 was 2.3% higher than the Q1 average from 2017-2019 (pre-COVID). Without jinxing anything further, let’s be hopeful that the rest of 2023 continues to be prosperous and we see high Occupancy percentages and revenues moving past COVID-19 into a new normal.
Below are the hotel stats for York Region, Durham Region, and the combined for CCT as a whole:
CCT Hotel Data
For additional research and data needs, please contact Tom Guerquin, Manager of Research and Development.
*To date, based on CCT collection period of 2017-2023.
