HOTELS STILL A GOOD INVESTMENT
Steadfast hotel fundamentals will attract buyers and spur development in 2013. “Hotel investors have been positioning themselves for the next phase of economic expansion and it appears that 2013 could be that inflection point. It is likely going to be an interesting and active period for the Canadian hotel market,” said Bill Stone, executive vice president of CBRE Hotels Canada.
Highlights from the 2013 National Hotel Outlook include:
· Canadian hotel investment volume topped an estimated $1.1 billion in 2012 as a result of 102 transactions, both metrics were on par with 2011
· Significant hotel sales in 2012 included the Four Seasons Hotel Toronto ($142.5 million), Sutton Place Hotel Toronto ($57.0 million) and Hotel de la Montagne in Montreal ($39.0 million)
· Top line hotel performance improved for the fourth consecutive year, albeit at modest levels. The national average revenue per available room grew 2.6 per cent in 2012, with occupancy increasing 1.0 per cent
· Hotels in Alberta, Newfoundland and Saskatchewan recorded the most significant increases in revenue on the back of strong economic growth
· Sellers have begun to outnumber buyers, but restraint on both sides combined with the presence of highly qualified bidders should hold off a full-fledged buyer’s market
· Private equity investors could replace real estate companies/developers as the most active hotel buyers in 2013, as private equity is expected to seek out opportunities to reposition assets as market conditions continue to improve.
· Stable cap rates will require additional value to be achieved through reinvestment until there is a broader increase in demand and/or improved operating margins.
Hotel Association turns 100
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