A chronic lack of hotel rooms is a headache for Vancouver tourism, but the effects of the shortage reverberate far beyond that sector.
Destination Vancouver, previously known as Tourism Vancouver, has been raising alarms about this issue for years. But, Chwin says, a worsening hotel shortage poses a threat far beyond the tourism industry.
“Those restaurants we love, the retail shops, the attractions people love to go to — the local embedded population is not enough to support those different sizes of businesses.” There are several reasons why the local developers cannot build the hotels Vancouver needs, says Cynthia Jagger, a principal with the Vancouver real estate firmThe cost of labour, materials and interest have risen considerably. And obtaining financing for a new hotel is more complex than condo or rental residential projects, Jagger said.
Now some local players are seeing a new way to create hotels, as lasting societal changes brought by the pandemic are creating an opportunity.With so many people working remotely, at least part-time, demand for office space has not recovered to pre-pandemic levels. Some observers believe North America’s downtown business districts willArticle contentthat a notable increase in un-renewed leases continued to push Vancouver’s office vacancy rates higher through the second quarter of 2022.
Amacon, a major local developer, also owns the Loden Hotel downtown, which opened in 2008, and is building aBuilding a hotel from the ground up could take five years or more between permitting and construction, Vdovine said. But the renovation of the Burrard office building could be significantly quicker, he said, and might be completed in time for the FIFA World Cup in June 2026.
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