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This market snapshot is the sixth in a series of articles that HVS will be producing every month in conjunction with STR Global. Our analysis for this market is based on a sample of nearly 60,000 rooms. |
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Over the past year the credit crunch has seen the nation tighten its belt and feel the squeeze. The prosperous era of 'splashing out' has come to an abrupt end and given way to feelings of thrift and frugality that have led us all to keep a beady eye on the balance sheet. |
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Published in conjunction with STR (Smith Travel Research) and endorsed by the Hotel Association of Canada. This publication summarizes weekly occupancy and average room rates from major cities in Canada. |
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The Canadian hotel industry posted decreases in all three key performance measurements during the week of 24-30 January 2010, according to data from STR. |
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New Series from Cornell Center for Hospitality Research Presents Capsule Research Findings |
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In year-over-year measurements, the industry’s occupancy ended the week up 1.9 to 48.8 percent. Average daily rate dropped 5.6 percent to finish the week at US$94.92. Revenue per available room for the week fell 3.8 percent to finish at US$46.31. |
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With 153 projects/19,181 rooms at the end of Q4 2009, the total Construction Pipeline has fallen 42% by projects and 44% by rooms from the peak in Q1 2008. The total project count is the lowest LE has recorded, while the room count is at its lowest since Q4 2004. |
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No one knows for sure what 2010 will bring. Most economists say the global recession has probably peaked, but what will the recovery look like? In some sectors, consumer spending is on the rise, and we're spotting more and more post-recession flowers blooming. Whether their pocketbooks were squeezed or not, many affluents are now transformed. They want value, quality, and products with a 'moral conscience.' |
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The International Air Transport Association (IATA) reported December and full-year 2009 demand statistics for international scheduled air traffic that showed the industry ending 2009 with the largest ever post-war decline. Passenger demand for the full year was down 3.5% with an average load factor of 75.6%. Freight showed a full-year decline of 10.1% with an average load factor of 49.1%. |
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Hotel Lawyers with grim reports from the field. If lenders are looking for some encouraging news on their distressed hotel asset sales prospects, they are not going to get it anytime soon. That is what the Atlas 2009 Year End Hotel Survey shows, but it does offer some valuable tips for dealing with continued distress in 2010. |
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