Canada -  Montreal Airport

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HVS In-Depth Canada Hotel Valuation Index:   2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

The MONTREAL AIRPORT market has benefitted from the strong growth in passenger traffic at the Pierre Elliott Trudeau International Airport. The airport welcomed more than 20 million passengers in 2019, supported by newly introduced flights to international destinations. To support the future growth in passenger volume, major projects are being undertaken at the airport, including the construction of the REM light-rail station and rebuilding of the multi-level parking garage.

The COVID-19 pandemic and the related restrictions on travel, business activity, and individual movement put in place as a measure of containing the spread of the virus have reduced the number of daily flights at the Montreal Airport from 600 to just under 50.

The drastic drop in passenger volume and the continuation of government-imposed travel restrictions are having a dramatic impact on the Montreal Airport lodging market. While the market realized strong RevPAR growth in 2019, which has continued the market’s aggressive growth streak for the third consecutive year, with the onset of the pandemic, negative growth is now projected. The pace of the RevPAR decline has accelerated as Montreal became the epicentre of COVID-19 outbreak in Canada. The drop-off in demand has affected the entire lodging industry; however, hotels relying on group demand and/or air travel, like the subject market does, have been hit the hardest. In this light, a significant decline in hotel values is anticipated for 2020, with a moderate growth resuming in 2021, as travel restrictions are anticipated to be lifted.

Change In Value For Market: ($CAD)

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

For more information, please contact:

Monique Rosszell, AACI, AACI, MRICS, ISHC
[email protected]
  • +1 416 686-2260 (w)
  • +1 514 776-7099 (m)
  • +1 416 704-3883 (m)