NATIONALLY, hotels tracked
by PKF experienced a decrease of 4.4 points in occupancy
for year to date 2003 from the same period in 2002. The average
daily room rate decreased by 3.3% to $113.78, which resulted
in a Revenue Per Available Room (REVPAR) of $68.21, a 10.0%
decrease from year to date 2002.
ON THE ROAD TO RECOVERY – Since
March, the industry has suffered a total deficit of over
3.4 Million occupied room nights, equating to an estimated
$604 Million in lost room revenue. On a positive note, the
industry is closing the gap – Demand has improved from
April’s low of 11.1% below the same month in 2002 to
4.0% below in September. The loss in rooms revenue has also
improved from June’s performance of 15.3% below last
year’s results to 6.1% below in September.
ATLANTIC CANADA RESULTS – The
Atlantic provinces experienced a 1.8 point decrease in occupancy
and a 2.7% improvement in average daily room rate, which
resulted in a 0.3% decrease in REVPAR. Decreases in occupancy
were experienced in all Atlantic provinces with New Brunswick
(2.2 points) and Nova Scotia (2.1 points) reporting the highest
decreases compared with the year to date figures from 2002.
Average daily room rates increased in all Atlantic provinces,
most notably in Nova Scotia, which reported a 3.8% increase
from year to date 2002.
CENTRAL CANADA RESULTS – Year
to date results for Central Canada showed hotels tracked
by PKF reporting a decrease of 5.9 points in occupancy over
the same period in 2002. The average daily room rate for
Central Canada fell by 5.7% to $116.83 over 2002. REVPAR
in Central Canada decreased 14.4% over year to date last
year. Ontario hotels experienced a 6.3 point decline in occupancy
for year to date 2003 while in 2002. Average daily room rates
decreased in both Ontario (7.4%) and Quebec (2.0%) and Downtown
Toronto experienced the most significant occupancy decrease
at 12 points for year to date 2003 over the same period in
2002. Average daily room rates decreased in both Ontario
(7.4%) and Quebec (2.0%) and Downtown Toronto experienced
the most significant occupancy decrease at 12 points for
year to date 2003 over the same period in 2002.
WESTERN CANADA RESULTS – Overall
occupancy in Western Canada properties decreased by 3 points
for year to date 2003. Properties in Western Canada reported
a 0.9% decrease in average daily room rate, which resulted
in a 5.6% drop in REVPAR. Western Canada provinces experienced
decreases in occupancy with Alberta (excluding Alberta Resorts)
reporting the most significant decrease in occupancy at 6.1
points, however the Yukon reported an increase of 2.3 points
in occupancy. Year to date results showed that the Yukon
(7.7%), Saskatchewan (4.7%), Alberta (excluding Alberta Resorts – 1.0%)
and Manitoba (0.4%) all experienced increases in average
daily room rate over the year to date figures from 2002.
Occupancy Rate Third Quarter Results
2003 vs. 2002
Average Daily Room Rate Third Quarter
Results
2003 vs. 2002
