While 2023 will be a record year for the hotel industry in Canada, the outlook for growth is more muted going into 2024. At the same time, the sector continues to outperform most other major real estate asset classes which have struggled in the post pandemic period. While the overall market is strong, there are still areas for future growth to occur as we have not seen the recovery in US and International travel or in the group and corporate segments. City-centre hotels continue to recover to pre-COVID demand levels; however, the lack of new supply and tighter regulations around Airbnb will assist in demand recovery.
