Amid worsening fire seasons, investors see potential in Western Canadian hotels.
While weather-related disasters plagued Alberta and British Columbia over the last few summers, hotel investors and developers continue to show confidence in the sector’s potential.
“Year to date, volume in those regions is down slightly, but we don’t see that as a concern. It’s more just a lower share given strong activity in Ontario,” says Colliers Hotels managing director Robin McLuskie. Despite worsening wildfire seasons in Western Canada, developers are still building new hotels. By the second quarter of 2024, a record 59 hotel projects – representing 8,439 rooms – were in B.C.’s construction pipeline, up from 52 hotels during the same period one year prior. On the other end, Alberta had 18 hotel projects – representing 1,822 rooms – that started development as of the second quarter of 2024, the same number as one year prior, according to hotel analyst Lodging Econometrics.
In B.C., late summer wildfires have shifted occupancy patterns around, says Ms. Jarrett. “August used to be the big month … we’re now seeing weddings, sporting events, big golf tournaments move to September, July and June.” “There’s a mix of full-service and select-service , but I would say select-service is the most popular trading activity. Those have strong margins and there are buyers out there for that,” she adds.
Despite the investment popularity of the select-service market, Ms. Jarrett says studies show full-service hotels capable of attracting leisure, business and conferences weather economic difficulties better.
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