Although plummeting occupancy appears to have bottomed out and crept back up marginally, Canadian hotels, on average, were less than 20 per cent full as May began.

Already, it’s projected that the COVID-19 hit on hotels will be more severe than the combined losses following the 2001 terrorist attacks in the U.S. and 2008 economic crisis.

Amid strong tourism and business travel, CBRE expects 2019 hotel investment volume to exceed last year’s total of $1.5 billion.

The hotel had not operated as a traditional hotel since February 2016 with the City of Toronto leasing the rooms to help shelter the homeless.