We've crunched the numbers and 2015 is continuing to be a fantastic year for tourism! Hotel occupancy for Downtown and Metro Vancouver is up and there has been exceptional growth in average daily rates and revenue per available room compared to 2014.
Vancouver's year-to-date (YTD) and year-over-year (YOY) growth in average daily rate (ADR) and revenue per available room (RevPAR) is significantly higher than our competitive set (Toronto, Montreal, Ottawa, Calgary, Seattle, Portland, Denver, Dan Francisco, Los Angeles and San Diego). Due to varying room supply and fluctuations in exchange rate we do not compare the actual rate for each city but rather the growth in rate year-over-year (rates in Canadian cities are reported in Canadian dollars and rates in US cities are reported in US dollars).
Downtown Vancouver for YTD 2015:
• Occupancy is up 4.6% over 2014 YTD, to 79%. Vancouver is ranked second highest (after Ottawa 5.2%) for occupancy growth amongst the competitive set. 51% of occupancy is made up by Transient room nights and 26% by Group.
• Average Daily Rate (ADR) is up 15.3% over 2014 YTD, to $207. Vancouver's ADR growth is the highest compared to the competitive set.
• Revenue per Available Room (RevPAR) is up 20.5% over 2014 YTD, to $163. Vancouver's RevPAR growth is the highest amongst the competitive set.
Please see photo attached.