For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:
2019
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2018
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2017
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2016
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2015
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2014
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2013
The economy of QUEBEC CITY is heavily oriented towards services, which account for most of the area’s employment and economic activity. According to the Conference Board of Canada, the area’s GDP advanced by 2.1% in 2019. The local economy has benefited from the goods-producing industries, and the manufacturing and construction sectors, supported by improvement in local productivity and the diversification of companies, as well as investments in residential and non-residential projects. Several of these big projects include the $775-million deep-water container terminal at the Port of Quebec scheduled for 2021 construction, and Medicago’s $245-million commercial vaccine-production facility in the Estimauville Innovation Area, a project that broke ground in 2018. In addition, work on Quebec City’s $3.3-billion tramway system is schedule to break ground in 2022.
The Quebec City lodging market has been fairly stable from the perspective of supply over the recent years and the city’s RevPAR has also remained quite stable.
Quebec City’s measures to stop the COVID-19 virus spread include closures of most non-essential businesses, including the food services and accommodations, and other tourism-related businesses, which are expected to be hit the hardest by these measures. Festivals have been cancelled and shuttering of all cruise activity will have a significant impact on hotel demand. The local hotels are already seeing a sharp erosion of both demand and average rate due to the ongoing pandemic. The economic downturn and the decline in performance for the city’s hotels caused by the COVID-19 pandemic will have a significant negative impact on hotel values this year. As borders re-open to international travellers, tourism and cruise ship activity slowly resumes, and the meetings and conferences get rescheduled for 2021, we expect a moderate recovery in hotel values next year.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
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ADR Change
|
Market Demand Change
|
Hotel Occupancy Increase/Decrease
|
RevPAR Change
|
Market Supply Growth
|
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:
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Between -3% and -10%
|
Significant Value Decline:
|
More than -10%
|
Quebec City RevPAR Change
($CAD)
Quebec City RevPAR
($CAD)
Year |
RevPAR |
2006 |
$88.22
|
2007 |
$87.14
|
2008 |
$109.85
|
2009 |
$84.32
|
2010 |
$88.17
|
2011 |
$93.58
|
2012 |
$95.11
|
2013 |
$90.55
|
2014 |
$99.81
|
2015 |
$103.08
|
2016 |
$111.28
|
2017 |
$119.93
|
2018 |
$126.09
|
2019 |
$128.96
|
2020 |
$135.43
|
2021 |
$135.82
|
2022 |
$142.28
|
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