WASHINGTON – 23 August 2023 – Canada’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) for any month on record, according to CoStar’s July 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 

July 2023 (percentage change from July 2022):

Occupancy: 75.6% (+0.1%)

Average daily rate (ADR): CAD232.13 (+7.7%)

Revenue per available room (RevPAR): CAD175.42 (+7.8%) 

In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. 

“Canada’s hotel room rates were once again the standout metric,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. 

“The increased cash flow allows hoteliers to pay for higher debt service costs, other costs through the bottom line, property improvement plans and general capital expenditure projects which most fell behind on during the pandemic.

“Although there was considerable ADR growth across most segments, transient weekend rates keep growing, demonstrating the willingness and ability of the individual leisure traveler to pay higher rates. Bankers, consultants, and federal employees are not traveling to the same extent as they were pre-pandemic, which shows in the lag of recovery of weekday occupancy in our largest urban markets.”

Among the provinces and territories, Newfoundland and Labrador recorded the highest July occupancy level (87.9%), which was 5.0% above 2022. 

Among the major markets, Vancouver saw the highest occupancy (87.0%), which was 2.4% ahead of July 2022.

The lowest occupancy among provinces was reported in Saskatchewan (63.1%), down 1.8% against 2022. At the market level, the lowest occupancy was reported in Edmonton (-2.9% to 58.8%).

“STR and Tourism Economics’ most recent forecast has been upgraded, with full-year ADR expected to be up 8.6% compared to last year,” Baxter said. “The upward revision was due to higher second-quarter room rates than anticipated and expectations for a potential recession being pushed forward. This year’s upgrade, however, has impacted 2024 predictions, with RevPAR now expected to grow 1.8%, down two percentage points from the previous forecast. That downgrade reflects weakness in the overall economy and lower anticipated consumer spending.”

For more information about the company and its products and services, pleasevisitwww.costargroup.com.

Amidst a backdrop of challenging market conditions, various industries have grappled with subdued deal activity during January-July 2023. The travel and tourism industry is no different and saw deal activity decline by a massive year-on-year (YoY) 35.7%, reveals GlobalData, a leading data and analytics company. 

An analysis of GlobalData’s Financial Deals Database reveals that 438 deals were announced in the travel and tourism industry globally during January-July 2023 compared to 681 during January-July 2022

Aurojyoti Bose, Lead Analyst at GlobalData, comments:“Volatile economic conditions continued to impact the deal-making sentiments in the travel and tourism industry in 2023 with most of the top markets experiencing double-digit decline in deal volume.”

In fact, the top two markets by deals volume, the US and the UK, saw respective deal volume reducing to almost half. The number of deals announced in the US fell by 45% from 218 to 120. Meanwhile, the deal volume for the UK declined by 43.8% from 80 to 45.

India, Australia, France, South Korea, Japan, The Netherlands, and Italy witnessed YoY decline in deal volume by 16.7%, 21.7%, 19%, 5.9%, 60%, 31.3% and 10%, respectively. However, China emerged as a notable exception and registered 12% YoY growth in deal volume.

In terms of regions, Europe, Asia-Pacific, North America, Middle East and Africa and South and Central America witnessed YoY decline in deal volume by 44.8%, 14.4%, 44.6%, 13%, and 20%, respectively, during January-July 2023.

All the deal types under coverage witnessed YoY decline in deal activity. The number of mergers and acquisitions (M&A), private equity and venture financing deals declined by 37.5%, 36.8% and 29.7%, respectively, during January-July 2023.

Bose concludes: “While markets grappled with volatility, the contrasting trajectory of China's deal volume demonstrates the industry’s inherent resilience. As the industry charts its course through uncertainty, it continues to unveil pockets of potential and prospects for revival.”

LOS ANGELES – August 2, 2023 -​​Nomadix® Inc​., bringing connected experiences to life, today announced the company has received its ISO/IEC 27001 Security Certification, awarded by BSI, a leading conformity assessment body and the originator of the standard. Certification by this internationally recognized program demonstrates that Nomadix has the security practices in place to protect all corporate, partner and customer information.

ISO/IEC 27001 is the latest iteration of the information security management system standard that aligns with the 114 comprehensive ISO information security controls, which cover organizational issues, human resources, information technology, physical security and legal issues, and results in improved performance in privacy protection, data leakage prevention and risk management. The certification demonstrates Nomadix’s continued commitment to providing the highest levels of security and confidentiality in all of its global business processes, a cornerstone that’s expanded throughout the company’s history.

“At Nomadix, we enable companies to connect, manage and engage with their customers, and security and privacy are at the foundation of everything we do from our people, processes and programs,” said Dr. Chris Spencer, group chief information security officer at Nomadix. “This prestigious certification requires a robust approach to managing information security, building resilience and driving continual improvements to protect against evolving security risks.”

For more information, visit Nomadix.com.