Canada -  Vancouver Airport

For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:   2019 | 2018 | 2016 | 2015 | 2014 | 2013

VANCOUVER AIRPORT, Vancouver International Airport serves more than 24 million passengers annually with 50 airlines providing access to 125 destinations, including four airlines that are specifically dedicated to China. The airport is in Richmond, where immigrants from China make up 30% of the population. An increase in visitation from Mexico has been taking place since the Government of Canada eliminated visa requirements for Mexican travellers in December 2016.

The room supply has been either stable or in decline since 2013. However, the supply is projected to increase by 2.1% in 2020, and supply growth is expected to reach a new high of 7.9% in 2021. A 1.3% decline in demand was experienced in 2018 and a further decline of 1.0% is projected in 2019. This decrease in demand has been partially driven by ADR increases which registered at 12.0% in 2018, followed by 6.0% is projected for 2019. Since 2014, the RevPAR has grown by double digits in each year. A slight slowdown is projected for 2019 and 2020 given the slowdown in demand particularly noted from China. New supply in the market includes the 313-room dual-branded Residence Inn/Courtyard by Marriott that is slated to open in February 2021 as well as a 97 room Hyatt Place. The market is expected to immediately absorb this new supply—the market-wide occupancy is projected to remain at or above 80% through 2022.

In this environment, the value per room for the Vancouver Airport market continues to register strong gains. The per-room value surpassed the $200,000 mark in 2017, and it realized an increase of 15.2% in 2018, which is stronger than the increase of 12.5% that had been projected in the previous HVI report. Moreover, the value per room is projected to exceed $300,000 by 2021, supported by steady growth each year.

The Vancouver Airport lodging market was third in the value rankings in 2018, and it is projected to remain in this position as of 2022.

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%

Vancouver Airport RevPAR Change ($CAD)

Vancouver Airport RevPAR ($CAD)

Year RevPAR
2006 $79.87
2007 $88.61
2008 $87.93
2009 $75.43
2010 $87.70
2011 $75.23
2012 $73.64
2013 $79.78
2014 $87.90
2015 $99.29
2016 $112.37
2017 $128.16
2018 $143.01
2019 $149.94
2020 (f) $157.43
2021 (f) $157.61
2022 (f) $161.17

For more information, please contact:

Carrie Russell, AACI, MAI, RIBC, ISHC
[email protected]
  • +1 604 988-9743 (w)