Survey Says: The Lodging And Recreational Real Estate Markets Are Coming Back
VANCOUVER, Oct. 12, 2010/ Tartan Group/ – According to a recent survey, those in the western Canadian lodging and recreational real estate industry are predicting modest growth over the next few years. However, the strongest growth is believed to in the major urban markets of Vancouver, Calgary and Edmonton while recreational markets such as Whistler and the Okanagan are likely to recover on a more gradual basis.
The survey, conducted by Big Picture Conferences in anticipation of next week’s Western Canadian Hotel & Resort Investment Conference in Vancouver, includes 16 questions with responses from more than 200 industry stakeholders. The results will be shared on Oct. 18 and 19 during the annual conference held at the Vancouver Convention Centre. For those unable to attend the event, the results will also be posted at www.hotel-resortinvest.ca in November.
Some survey response highlights:
- 71 per cent of stakeholders believe the Canadian hotel and resort sector will return to 2007 levels of demand sometime between 2011 and 2015.
- When asked which markets would experience the greatest demand growth for the balance of 2010 and through 2011, Vancouver led the way with 46 per cent while 26 per cent chose Calgary.
- For the balance of 2010 and through 2011, most survey participants believe the Whistler market will see the greatest decrease in occupancy (29 per cent) and ADR (31 per cent), possibly not surprising after the Winter Olympic induced bulge in early 2010.
- From a value perspective, the Vancouver, Calgary and Edmonton markets are predicted to post modest levels of growth over the next few years. Whistler, Vancouver Island and the Thompson/Okanagan are expected to flat line.
“Surveys like this provide an interesting and timely view of the industry. After the last year or two it’s not surprising to see a little caution creep into the results, but based on recent activity I think there’s more buoyancy than what’s indicated. Time will be the judge” said Lyle Hall, Managing Director of HLT Advisory and moderator of the lead-off session at the Conference.
In addition to the survey results, the conference will feature a range of industry experts who will discuss current issues and trends affecting the Western Canadian recreational real estate market and general hotel demand. To date, more than 225 stakeholders have signed up for the Conference.
For more information or to register for the conference,
visit www.hotel-resortinvest.ca or call
Deirdre Campbell: 250-592-3838, 250-882-9199 (cell) or email@example.com
Trisha Lees: 250-592-3838, 250-896-3838 (cell) or firstname.lastname@example.org