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
WINNIPEG is the administrative, financial, and distribution centre for Manitoba. The city has a diversified economy anchored in the government, and manufacturing sector. Winnipeg occupies a central location in Canada close to the US border, which enhances its distribution capabilities. Supported by a diverse economy and a relatively affordable housing market, the population of Winnipeg is expected to increase over the coming decade. The construction and manufacturing sectors are significant in the regional economy, and thanks to the low Canadian dollar and the health of the US economy have sustained some moderate growth in recent years.
The city’s hotel market will be greatly impacted in 2020 as the COVID-19 pandemic plays out. With the city still absorbing new supply, and more hotels proposed, the demand-side shock faced by most markets will also have a supply-side driver to the decline in performance, and as such, values. Much of the overnight visitation within Winnipeg is from within the province and so as the province enters the recession in 2020, the city will feel the lingering effects on consumer and business confidence in the years ahead. The city had shown strong gains in meeting and group business in recent years and the convention centre continued to build on an impressive array of local, regional, and national events following its expansion. In the shorter term, the meeting and group market will be smaller across the country as COVID-19 changes the way we do business and will have an overall impact on the economy and hotel values. On the supply side, the city may face a reprieve as the pandemic is likely to cause delay, if not cancel, many of the proposed projects that were not yet in construction.
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:
|
| ADR Change
|
| Market Demand Change
|
| Hotel Occupancy Increase/Decrease
|
| RevPAR Change
|
| Market Supply Growth
|
Change In Value For Market:
($CAD)
Legend
| Significant Value Increase:
|
Greater than +10%
|
| Moderate Value Increase:
|
Between +3% and +10%
|
| Stable Values:
|
Between -3% and +3%
|
| Moderate Value Decline:
|
Between -3% and -10%
|
| Significant Value Decline:
|
More than -10%
|
Winnipeg RevPAR Change
($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
|
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