For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:
2024
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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
WINNIPEG the capital city of the province of Manitoba, has a population just shy of 1 million. The city is known as the gateway to the west because it is a railway transportation hub. Other major sectors in Winnipeg include insurance, government and Crown corporations, post-secondary institutions, and healthcare.
Winnipeg International Airport is located seven kilometres west of Downtown Winnipeg. In 2024, the airport saw just over 4 million passengers, which was still below the pre-pandemic traffic level of 4.5 million passengers.
In 2025, the Winnipeg hotel market has been affected by the broader economic slowdown, which has tempered overall hotel demand, although continued government-related contracts and wildfire evacuee demand have provided some support to occupancy levels.
Between 2025 and 2028, 416 new rooms are expected to enter the Winnipeg market, with most additions anticipated in 2025 and 2026. These new projects are expected to enhance the area’s overall product offering and support ADR growth.
The Winnipeg market has seen a significant increase in per-room value since 2019, yielding an increase in rank to tenth in 2025; however, the market is projected to fall to twelfth position by 2028, as markets with significant natural resources are projected to outperform Winnipeg.
The Winnipeg market officially surpassed the HVI value of 2.00 in 2024. Our projections indicate that this climb will continue, reaching 2.45 in 2028.
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
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| Market Demand Change
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| Hotel Occupancy Increase/Decrease
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| RevPAR Change
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0.0%
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0.0%
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0.0%
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0.0%
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| Market Supply Growth
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Change In Value For Market:
($CAD)
Legend
| Significant Value Increase:
|
Greater than +10%
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| Moderate Value Increase:
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Between +3% and +10%
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| Stable Values:
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Between -3% and +3%
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| Moderate Value Decline:
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Between -3% and -10%
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| Significant Value Decline:
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More than -10%
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Winnipeg RevPAR Change
($CAD)
Winnipeg RevPAR
($CAD)
| Year |
RevPAR |
| 2006 |
$62.31
|
| 2007 |
$67.36
|
| 2008 |
$75.52
|
| 2009 |
$70.81
|
| 2010 |
$76.58
|
| 2011 |
$78.51
|
| 2012 |
$76.76
|
| 2013 |
$73.94
|
| 2014 |
$73.65
|
| 2015 |
$76.79
|
| 2016 |
$80.69
|
| 2017 |
$87.29
|
| 2018 |
$88.86
|
| 2019 |
$87.61
|
| 2020 |
$88.09
|
| 2021 |
$89.85
|
| 2022 |
$93.37
|
| 2023 |
$
|
| 2024 |
$
|
| 2025 (f) |
$
|
| 2026 (f) |
$
|
| 2027 (f) |
$
|
| 2028 (f) |
$
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For more information, please contact:
