Heads in Beds

We reached out for a comment from CBRE's EVP, CBRE Hotels Bill Stone on the state of the GTA's hotel market currently. Smith Travel Research shows that as of this October, hotel occupancy and the average daily rate in the region have improved 2% and 2.5%, respectively, year-to-date. Improved convention activity, business travel and airline traffic have helped boost those numbers, Bill says. "Full planes mean heads in beds and the downtown office construction boom bodes well for future business travel," he adds. (It also bodes well for companies who make little soaps.) On the investment side, there is an ample number of hotel buyers in the market. Some owners are paring down their portfolios, especially non-core and non-strategic hotels, many of which are in need of capital injections. However, Bill adds pricing often sits "well below" replacement costs.

Continue reading this story with a free account

Log in or register
Related Topics: Smith Travel Research
Sign up for more articles like this
Subscribe to Bisnow's Toronto Newsletters
Related Stories

1,300 Projects Potentially Paused Due To Suspension Of Quality Inspectors

Walker & Dunlop On Why The Housing Market Is More Balanced Than It Appears

California Duo's Ponzi-Like Investment Scheme Unravels With Bankruptcy, SEC Charges

Prominent Philly Caterer Sues Town Officials Over Vineyard Plans In Bucks County

Houston Firm Hires Former Floor & Decor Exec As President Of New Offering

Deutsche Finance Alleges BVK Is Responsible For CRE Portfolio Losing $1B In New Lawsuit

'This Is A Big Change For Me': Leslie Cohen Launching New Company After Leaving Davis Cos.

A $5.1T Corner Of CRE Is Struggling To Find Capital

How Net Lease Strategies Are Providing Stable Returns In An Uncertain Investment Landscape

'Liquidity Is Back': JLL Reports Increase In CRE Investor Competition Due To Strength Of Credit Markets

How Will Opportunity Zones 2.0 Impact Seattle? One Expert Weighs In

After Departing Trump Admin, HUD's Former Philly Head Joins Local Planning Commission