InnFocus Winter 2023

Courtesy of Destination BC
travellers who were eager to take vacations once restrictions were
eased and then removed all together. This continued to be true
in 2023, however, as domestic travellers started to go abroad,
the BC market saw an increase in US and International travellers
offsetting any losses. The strong leisure demand was supported
by meeting/conference demand as groups resumed and ramped
up on in-person events. In 2024, leisure and meeting/conference
demand is expected to normalize and steady increases in
corporate travel will help to drive 1% demand growth across the
province. Occupancy in BC is projected to hold steady at 71% in
2024, while Metro Vancouver occupancy will increase by 1 point
to 81%, pushing just slightly ahead of 2019 levels.
ADR Growth
While not unique to BC, the ADR growth over the last several
years has been a driving force behind the province and Metro
Vancouver’s recovering to 2019 RevPAR levels in 2022. The
province is projected to see another 10% ADR growth in 2023,
followed by 3% growth in 2024, and increasing to $241, almost
$49 ahead of 2019. Overall RevPAR growth is projected at 4% in
2024, to finish at $172, an improvement of 26% over 2019 levels.
Similarly, Metro Vancouver is poised to see ADR growth of 14%
in 2023 and 3% in 2024, improving to $279, more than $59 ahead
of 2019. As with the province, the metropolitan area is projected to
realize 4% RevPAR growth in 2024 increasing to $225, more than
28% ahead of 2019 levels.
BC was the first to recover to 2019 levels and is expected to
lead the country with the strongest top-line performance for any
province in 2024.
Nicole Nguyen is Senior Vice President at CBRE Hotels.
12 InnFocus