Finally, after a long, harsh winter, spring has arrived. Mother Nature’s change in season brings renewal and a promise of hope. And for hotels, the new season brings a dramatic climate change and a rosy forecast.
During the maelstrom of the past few years, investment activity was significantly curtailed but, as a report by Colliers International and Toronto’s Ryerson University indicates, investment is finally on the rebound, growing by 70 per cent in 2010. Operating numbers are also encouraging. according to Randy Smith of Smith Travel Research, speaking at the HAC conference held in Toronto last month, room demand is up by 4.7 per cent, while occupancy is up by 3.5 per cent and RevPAR has grown by 5.6 per cent to $78.48.