After a year of occupancy gains and buoyant earnings, the Canadian hotel sector is projected to experience more modest, but continued growth in 2024.

Average RevPAR surpassed 2019 levels last year, while increased international travel and a low Canadian dollar are projected to push up occupancy in 2023 and 2024.

Of the 21 transactions totalling approximately $197 million in value during the first quarter of 2021, seven properties were sold for redevelopment or conversion to other uses and three were distressed sales.

Following what’s characterized as the most difficult quarter yet recorded for Canadian hotel owners and operators, industry analysts are tracking the arduous climb back from the early April trough.