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Metro Vancouver’s Booming Hotel Industry Won’t Slow Down Any Time Soon

Metro Vancouver’s booming hotel industry won’t slow down any time soon

By EVAN DUGGAN for Vancouver Sun

Metro Vancouver’s hotels are achieving a “top line” occupancy and revenue performance, according to a new report that also underscores that, despite the booming sector, developers are unable to match demand with new lodging supply.

Last year, Metro Vancouver hotels marked 79-per-cent occupancy, an average daily rate (ADR) of $190 and revenue per available room (RevPAR) of $150, according to CBRE’s Canadian Hotels Outlook report.

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CBRE forecasts that Metro Vancouver hotels this year will see those numbers edge up to 80-per-cent occupancy, $202 (ADR) and $161 (RevPAR).

“Metro wide … we’ve had three or four years in a row of absolutely fantastic … top line performance,” said David Ferguson, CBRE’s director of hotels valuation and advisory services group.

He said 80-per-cent occupancy is virtual capacity for hotels when the ceilings of low-season periods are considered.

“There was a time where we used to say that Vancouver couldn’t get to 80-per-cent (occupancy), simply because of what we call functional capacity,” Ferguson told Postmedia.

“Vancouver seems to be continuing to defy (expectations),” he said.

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