The revenue of hotels, motor hotels, and motels in Canada showed considerable fluctuation over the past decade. From 2013 to 2019, revenues displayed a positive growth trend averaging around 6% annually. However, there was a sharp decline in 2020 due to the COVID-19 pandemic, which saw revenues fall by 41.03%. The market began to recover in 2021 with a growth rate of 11.99% and demonstrated a strong resurgence in 2022 with a notable year-on-year increase of 49.29%. By 2023, the revenue had grown by 16.38%, reaching 25.81 billion CAD.
Looking ahead, from 2024 to 2028, the revenue is expected to continue growing at a compound annual growth rate (CAGR) of 4.29%, with a forecasted five-year growth rate of 23.35%.
Future trends to watch for:
- Post-pandemic recovery patterns and potential market normalization.
- Impacts of sustainable and eco-friendly practices on the hospitality industry.
- Technological advancements in customer experience and service delivery.
- Changes in travel patterns and preferences influenced by remote work dynamics.
