The third wave of COVID-19 infections and lockdowns materially impacted the Canadian lodging market with hotel occupancies in Canada averaging 31.3% in the second quarter, according to STR. However, much progress has been made on curbing case counts and rolling out vaccines, and there is some light at the end of the tunnel with national occupancies perking up since the beginning of June.
Hotel transaction activity picked up materially during the quarter with approximately 45 transactions totaling $548 million, pushing first half volume to near pre-COVID levels ($784 million compared with $470 million and $830 million in the first half of 2020 and 2019, respectively). Positively, traditional hotel transactions are gaining momentum however transactions for alternate use remain a core component of hotel trading activity.
Hotel transaction activity picked up materially during the quarter with approximately 45 transactions totaling $548 million, pushing first half volume to near pre-COVID levels ($784 million compared with $470 million and $830 million in the first half of 2020 and 2019, respectively). Positively, traditional hotel transactions are gaining momentum however transactions for alternate use remain a core component of hotel trading activity.
