More Hotels Needed?
The impact of the Pan Am/ParaPan Games in 2015 will be interesting to keep an eye on, as it relates to the GTA’s hotel industry, HVS managing director Monique Rosszell tells us. Both occupancy and average rate are projected to reach record levels at 78% and $191, she says, and the lack of availability of land in downtown Toronto is causing a barrier to entry. Yes, the 567-room Delta Toronto South Financial Core Hotel is scheduled to open this November, along with two more hotels in the pipeline—the 127-room Bisha and a 406-room Hotel X (image, part of NYC’s Library Hotel Collection) on the Exhibition grounds. “This still results in very low levels of new supply,” she says.