Monique Rosszell, AACI, MRICS, ISHC

Consulting Experience

Senior Managing Partner Monique Rosszell oversees HVS's Toronto and Montreal practices. Born and hailing originally from Montreal, Monique divides her time between the two practices and manages some of the firm's most complex consulting and valuation engagements. Her extensive background and expertise is highlighted below. 

• Monique understands the leading indicators driving the trends affecting the hospitality industry performance and hotel values in Central and Eastern Canada. She speaks regularly at industry events and publishes on an annual basis the Hotel Valuation Index for Canada. Please contact Monique for a presentation of our latest forecasts.
   
• She has managed for over 20 years the HVS Ontario, Quebec and Maritime regions, and has consulted on hundreds of projects in these markets “big or small”, so she has an intimate knowledge of these markets. Being fully bilingual, she truly has the local knowledge and is the bilingual “boots on the ground” needed in the Quebec and New Brunswick markets. Moreover, she enjoys working with legal teams on hospitality-related litigation engagements. If you have a case that requires a hotel expert witness in either English or French, please contact Monique.
   
• Hotel development and feasibility consulting and is a forte of Monique and her team. She has the largest hotel appraisal and consulting team in Canada who perform the lion’s share of hotel feasibility studies in Central and Eastern Ontario as they are renown for having cutting edge financial modelling and their finger on the pulse in the various markets. HVS performs the vast majority of the luxury developments ranging from a 36 room uber luxury Nobu Hotel in downtown Toronto the planned 600-room Royal Mount Hotel in Midtown Montreal, the largest hotel project in Montreal in years. She has worked extensively in hotel/waterpark developments which are becoming extremely popular in Canada given their dearth but prevalence south of our border.
   
• Monique’s extensive experience and advisory in mixed-use developments in Central and Eastern Canada, includes the following:
  • Liberty Village, Toronto, ON Boutique Hotel Mixed-Use Apartment
  • Alt Hotel, Griffintown, QC, Hotel Mixed -Use Condo
  • The One, Toronto, ON Hotel Mixed-Use Retail/Condo
  • Nobu hotel, Toronto, Hotel Mixed Use Condo
  • Thompson Hotel, Toronto,Hotel  Mixed -Use Condo
  • Four Seasons Hotel, Montreal, Hotel Mixed Use Condo
  • Hilton Garden Inn/Homewood Suites, Mid Town Montreal, QC, Hotel Mixed Use Condo/Retail
  • Hampton Inn/Homewood Suites, Downtown Montreal, QC, Hotel Mixed Use Retail
  • Escade Hotel, Brossard, QC, Hotel Mixed Use Retail
  • Autograph Collection, King East, Toronto, ON, Hotel Mixed Use Office/Condo
  • Canopy Hotel, Yorkville, ON, Hotel Mixed Use/Condo
  • Square Phillip, Downtown Montreal, QC, Boutique Hotel, Mixed Use/Condo
  • Mont Tremblant, QC, Boutique Resort, Mixed Use/Condo
  • Friday Harbour, Innisfil, ON, Boutique Resort, Mixed Use Retail/Condo
  • Toronto North, ON, Boutique Hotel, Mixed Use/Medical Centre
  • Alt Hotel, Maple Leaf Square, Toronto, ON, Mixed Use/Condo
  • Four Seasons Toronto Hotel, ON Mixed Use/Condo
  • St-David, QC, Boutique Resort Hotel
  • Hyatt Place downtown Montreal, QC Mixed Use/Office
  • Tapestry by Hilton, Moncton, NB, Mixed Use Condo/Retail
  • Ascend Collection, Bedford, NS Mixed Use Condo/Retail
  • Moxy by Marriott, Halifax NS, mixed use Condo/Retail
  • Tapestry by Hilton, Sudbury, ON Mixed use Casino/Arena/Film Studio
  • Marriott Hotel, Vaughan, ON, Mixed use/Condo
  • Mont Tremblant, QC, Microtel by Wyndham Mixed Use /Retail
  • Courtyard by Marriott Laval, QC, Mixed Use/Condo/Apartment/Retail

Testimonials

"HVS provided a thorough examination of the property. They followed up with well researched comparable properties and scrutinized market conditions. The resultant valuation was thorough, complete and accurate. They are a reliable, technically-sound source for property valuation." – Gianni Del Degan, RoyalCliff Homes

"Monique and her team at HVS were very professional and timely. Their strategic advice and sound analysis is indispensable for our lending partners. Their report was instrumental in giving us the confidence to proceed with a major acquisition. We have used their services time after time and will continue to rely upon their expertise in the hospitality industry." – Mathieu Mault, President and CEO, Activar Hôtels Inc.

"HVS are the experts! I am happy with our decision to utilize their services for our project. HVS actually prevented us from going down a path that would've cost us a lot of money and/or caused the project to not be sustainable. I am very much looking forward to working with HVS again on future projects." – James Ward, Happy Time Tours and Travel

"I expected expertise and in-depth analysis presented in the feasibility study by HVS based on our research on HVS’s reputation in the industry. What I didn’t expect was Monique and Charlie’s commitment to our project over and beyond the scope of work. Time and again they have demonstrated through their action their genuine concern for my best interest. They even suggested professionals I should contact to push the project along. All this without any added personal benefit. For this reason I will not only exclusively use HVS for all my future projects but will gladly and strongly recommend HVS specifically Monique Rosszell to all my colleagues." – Alkarim, DMJ Group of Companies

"We had engaged HVS to conduct a feasibility study of a hotel at a prime location in South Western Ontario and are very satisfied with the level of contextual detail and financial forecasting included in the feasibility report. This study has added a lot of value to our land development initiative." – Vikram Sundar, QEW-EX64-10A

"I am very satisfied and had a good experience with the staff of HVS in the Toronto office. They were knowledgeable, professional, efficient, and reasonable, [and they] understand the hotel industry and its trends in depth." – Harinder "Harris" Brar, ReMax Gold Realty

"Team HVS's knowledge of the hospitality industry in Canada is incredible. This is reflected in the quality of the analyses and the reports. Financial institutions recognize this, and they readily rely on and accept the reports." – Bhulesh Lodhia, J M Hospitality

"HVS has a great team: professional, personable, and reliable." – Carmelo Caruso, Easton's Group of Hotels

"Congratulations to HVS on 25 years of being a guiding light in the Canadian hotel industry. The dedication, professionalism, integrity and support you offer, day in and day out, is unparalleled. Wishing you and your colleagues another quarter century of growth and success!" – Scott Richer, VP Development Hyatt Hotels, April 2018
 
"HVS is an invaluable partner for Choice Hotels Canada. Supporting us with leading market analysis, HVS helps us assist our franchisee partners in making the best investments for their hospitality businesses, as well as strategic decisions to move our company forward as a whole. Congratulations to HVS on 25 great years!" – Brian Leon, President, Choice Hotels Canada, April 2018
 
"HVS worked closely with Lixi Group on the refinance project for Days Inn Montreal Airport and Courtyard by Marriott Quebec City. For this time-sensitive mandate, HVS was knowledgeable, professional, and diligent, not only making sure of on-time delivery of the appraisal reports, but also providing us with valuable and excellent guidance throughout the process. Thank you HVS!" – Ling Liu, Owner, Lixi Group, April 2018
 
"The services provided by HVS Canada have been a tremendous asset to our organization, allowing us to manage our company’s growth. Volatile market conditions can cause fluctuations in hotel valuations. When developing a new project or refinancing an existing hotel, market insights, depth of experience, and expertise, coupled with reliability of reports, are key considerations. In this regard, HVS has consistently delivered reports that feature all these ingredients, and more. I am very impressed with the hospitality industry expertise and responsiveness to needs of existing and proposed projects." – Bhulesh Lodhia, Owner, JM Hospitality, April 2018

"Our organization, T&M Group Ltd (Teddy and Madeleine Toner), consider HVS a valued business partner. Monique truly understands the ins and outs of hotel investments and has provides us with excellent and honest advice over the years. We have tremendous trust in Monique and her team. She is very knowledgeable and we feel we can invest with confidence when she positively evaluates a project. She is extremely cautious when evaluating a potential investment, which is reassuring for the investor. We value our relationship with Monique and her team. Congratulations Monique and team for 25 years of hard work and dedication." – Teddy Toner and Madeleine Levesque-Toner, Owners, Best Western Plus Grand-Sault NB, Fredericton NB, St John’s NL, April 2018

"I am completely satisfied with [the HVS team's] professionalism, work ethic, cooperation, efficiency, openness for positive discussions, and honesty." – Harinder "Harris" Brar

"I am so impressed and moved by the personal commitment from everyone. I immediately had a feeling of complete honesty, sincerity, and caring from everyone. The level of professionalism and industry knowledge is impressive and extraordinary. HVS is a valued and trusted advisor to our strategy development team." – Dario Zulich, TESC Contracting Company

"We recently engaged HVS to carry out a valuation exercise for a hotel in Whistler. We found them to be professional, detailed and meticulous. They have a strong research team and network. Their report was of a high standard that met our needs. Their knowledge of the subject matter is excellent and up to date. We have no hesitation to recommend them for any future hotel consultancy and valuation exercise." – James Tan Keen Meng, Raine & Horne International Zaki + Partners Sdn Bhd

"HVS are a professional and competent company which excel at their service. I would not hesitate to recommend their services to any of my contemporaries. They know their stuff and provide in-depth and clear valuations. I am impressed with this company and would not hesitate to contract their services again should the need arise." – Jen Ng, San Thoe (H.K.) Ltd.

"Thank you for your services! Very easy to communicate with and it was a pleasure working with Monique and her team on the valuation of our project!" – Pawan Dilawri, 6358110 Canada Inc.

"Monique et son équipe accompagne Activar Hôtels dans tout ses projets, soit pour des nouvelles constructions, acquisitions ou refinancement d'hôtel. En plus de son expertise, son service à la clientèle est irréprochable." – Mathieu Mault, Activar Hôtels

Employment History

2000 to present
HVS
Toronto, Ontario
Managing Director

1998 to 1999
KARIBU CONSULTING
Toronto, Ontario
Food and Beverage Consultant

1994 to 1998
FOUR SEASONS HOTELS & RESORTS / WESTIN HOTELS / FAIRMONT HOTELS
Various operational positions
Toronto, Ontario

Education

University of British Columbia
Urban Land Economics

Ecole Hoteliere de Lausanne, Switzerland
Master's Degree in Hotel Management

Queen's University, Kingston,Ontario
Honours Bachelor of Arts, Economics

Affiliations

Appraisal Institute of Canada - Member (AACI)

Royal Institute of Chartered Surveyors -Member (MRICS)

Queen's University Alumni Association

Ecole Hoteliere de Lausanne Alumni Association

Hotels Evaluated

Canada
Ontario – Existing Hotels
Carlingview Airport Inn, Toronto Airport
Converted Delta, Toronto Airport
Converted Staybridge Suites, Toronto Airport
Courtyard Creekbank, Toronto Airport
Crowne Plaza, Toronto Airport
Four Points, Toronto Airport
Hilton Garden Inn, Toronto Airport
Marriott, Toronto Airport
Residence Inn Creekbank, Toronto Airport
Cambridge Suites Hotel, Toronto
Converted Days Inn, Toronto
Courtyard by Marriott Downtown, Toronto
Days Inn & Conference Centre, Toronto
Delta Toronto East, Toronto
Four Seasons Hotel, Toronto
Hilton Garden Inn Downtown, Toronto
Holiday Inn, Toronto/Yorkdale
Hotel Le Germain, Toronto
Le Meridien King Edward Hotel, Toronto
Marriott Bloor Yorkville, Toronto
Marriott Eaton Center, Toronto
Park Hyatt, Toronto
Radisson Plaza Hotel Admiral, Toronto
Ramada & Conference Ctr Don Valley, Toronto
Rebranded Delta, Toronto
Renaissance Downtown, Toronto
Westin Bristol Place, Toronto
Westin Harbour Castle, Toronto
Yorkland Hotel, Toronto
Horseshoe Resort, Barrie
Holiday Inn Express, Bowmanville
Holiday Inn Select, Brampton
Best Western, Brockville
Comfort Inn, Brockville
Best Western Inn & Suites, Burlington
Travelodge, Burlington
Best Western, Cambridge
Hilton Garden Inn, Cambridge
Taboo Resort & Spa, Gravenhurst
Courtyard, Hamilton
Point Pelee Days Inn, Leamington
Comfort Hotel, London
Conversion to Holiday Inn, London
Ramada Inn, London
Courtyard by Marriott, Markham
Residence Inn by Marriott, Markham
Comfort Inn, Mississauga/Meadowvale
Delta Meadowvale Resort, Mississauga
Hilton Garden Inn, Mississauga
Residence Inn, Moncton
Conversion to Four Points, Niagara Falls
Falls Plaza, Niagara Falls
Ramada, Niagara Falls
Fairfield Inn, Oakville
Days Inn Ottawa Airport, Ottawa
Converted Holiday Inn, Ottawa East
Extended Stay Deluxe Downtown, Ottawa
Westin Ottawa, Ottawa
Fairfield Inn & Suites, Sudbury
Hampton Inn, Sudbury
Homewood Suites, Sudbury
Courtyard by Marriott, Vaughan
Extended-Stay Deluxe, Vaughan
Residence Inn, Vaughan
Super 8, Vaughan

Ontario – Proposed Hotels
Alt Hotel, Toronto Airport
Courtyard by Marriott, Toronto Airport
Hilton Garden Inn, Toronto, Airport
Boutique Hotel, Toronto
Hilton Garden Inn Downtown, Toronto
Hotel Le Germain, Toronto
Hyatt Regency, Toronto
Luxury Collection, Toronto
Mandarin Oriental, Toronto
Shangri-La, Toronto
Summerhill Suites, Toronto
Super 8 Spadina, Toronto
Thompson Hotel, Toronto
Wyndham Hotel, Toronto
Limited-Service, Ajax
Super 8, Ajax
Waterfront Hotel and Conference Ctr, Barrie
Best Western Plus, Bathurst
Hampton Inn & Suites, Bolton
Hampton Inn, Brampton
Super 8, Brantford
Hampton Inn, Brockville
Extended-Stay, Burlington
Hampton Inn & Suites, Burlington
Extended-Stay Hotel, Burlington
Homewood Suites, Cambridge
Limited-Service, Chelsea
Wingate, Fort Erie
Super 8, Grimsby
Aloft Hotel, Hamilton
Courtyard, Hamilton
Element Hotel, Hamilton
Holiday Inn, Hamilton
MainStay Suites, Hamilton
Residence Inn, Hamilton
Staybridge Suites, Hamilton
Holiday Inn Express, Kemptville
Limited-Service, Lindsay
Super 8, London
Super 8, Midland
DoubleTree Resort Lodge & Spa, Niagara Falls
Ramada, Niagara Falls
Super 8, Oakville
Super 8, Orillia
Days Inn, Orleans/Ottawa
Focussed-Service Hotel, Ottawa
Holiday Inn Express, Ottawa
Microtel Inn & Suites, Ottawa Airport
Motel 6, Pembroke
Holiday Inn Express, Prescott
Suburban Lodge, Saguenay
Ramada, Simcoe
Super 8, Sioux Lookout
Super 8, Spadina
Homewood, St. Jacobs
AmeriHost, Stoney Creek
TownePlace Suites, Sudbury
Hampton Inn, Thunder Bay
Holiday Inn Express, Thunder Bay
TownePlace Suites, Thunder Bay
Aloft, Vaughan
Homewood Suites, Vaughan
SpringHill Suites, Vaughan
Super 8, Vaughan
Germain Hotel, Waterloo
Hampton Inn & Suites, Waterloo
Westin Hotel, Waterloo
Holiday Inn Express, Woodstock
Red Roof Inn, Woodstock
Super 8, Woodstock

Alberta
Holiday Inn Downtown, Calgary
Hotel Le Germain, Calgary
Proposed Germain Hotel, Calgary
Comfort Inn & Suites, Edmonton
Proposed Holiday Inn Select, Edmonton
Lake Louise Inn, Lake Louise

Manitoba
Delta, Winnipeg
Fairmont, Winnipeg
Holiday Inn South, Winnipeg
Place Louis Riel, Winnipeg
Proposed Alt Hotel, Winnipeg
Proposed Best Western, Winnipeg
Proposed Hampton Inn, Winnipeg

New Brunswick
Converted Ramada Chateau, Bathurst
Proposed Best Western, Bathurst
Proposed Hampton Inn & Suites, Fredericton
Proposed Hilton Garden Inn, Fredericton
Proposed Limited-Service, Fredericton
Proposed Radisson, Fredericton
Delta Beausejour, Moncton
Proposed Residence Inn, Moncton
Residence Inn, Moncton

Newfoundland
Proposed Holiday Inn Express, Deer Lake
Proposed Super 8, Deer Lake
Courtyard by Marriott, St. John’s
Proposed Residence Inn, St. John’s
Super 8, St. John’s

Nova Scotia
Proposed Super 8, Amhurst
Hampton Inn & Suites, Dartmouth
Proposed Candlewood Suites, Dartmouth
Proposed Hilton Garden Inn, Dartmouth
Howard Johnson, Halifax
Proposed Alt Hotel Airport, Halifax
Proposed Airport Terminal Hotel, Halifax
Proposed Homewood Suites, Halifax
Proposed Super 8, New Glasgow
Proposed Mainstay, Sherwater/Dartmouth
Proposed Holiday Inn Express, Stellarton
Proposed Super 8, Sydney
Proposed Super 8, Windsor

Nunavut
Proposed Full-Service, Iqaluit

Prince Edward Island
Delta, Charlottetown

Quebec – Existing Hotels
Hilton Lac Leamy, Gatineau
Super 8, Lachenaie
Best Western Chateauneuf, Laval
Quality Inn & Suites, Levis
Radisson Hotel, Longueuil
Delta Centre-Ville, Montreal
Econo Lodge, Montreal
Fairmont Queen Elizabeth, Montreal
Holiday Inn Express, Montreal
Hotel Godin, Montreal
Hotel Le Germain, Montreal
Hotel St. Paul, Montreal
Residence Inn, Montreal
Renovated Holiday Inn, Pointe Claire
Alt Hotel Sainte Foy, Quebec City
Chateau Frontenac, Quebec City
Hotel Le Germain, Quebec City
Super 8, St. Agathe
Super 8, St. Jerome
Courtyard Airport, St. Laurent (Montreal)
Residence Inn Airport, St. Laurent (Montreal)

Quebec – Proposed Hotels
Super 8, Blainville
Residence Inn, Boisbriand
Super 8, Boucherville
Germain Hotel, Brossard
Super 8, Granby
Alt Hotel, Griffintown
Super 8, Lachenaie
Limited-Service Hotel, Laval
Four Points, Levis
Candlewood Suites, Montreal
Embassy Suite Hotel, Montreal
Full-Service Hotel, Montreal
Full-Service Marriott, Montreal
Marriott Airport Terminal, Montreal
Westin, Montreal
Super 8, Mont-Tremblant
Super 8, Quebec City
Alt Hotel, St. Foy
Super 8, St. Foy
Holiday Inn Express, St. Jean sur Richelieu
Courtyard by Marriott, St. Laurent
Residence Inn, St. Laurent
Super 8, St. Laurent
Super 8, St. Nicolas
Super 8, St.Jerome
Super 8, Trois Rivieres
Super 8, Vaudreuil
USA
Limited-Service Hotel, West Palm Beach, FL
Proposed Boutique Hotel, Atlanta, GA
Marriott West, West Conshohocken, PA
 

Authored Publications

“What Can Hoteliers Do to Avoid Having the Value of Their Assets Go South?”, Canadian Lodging Outlook, December 2008
“RevPAR Penetration at Airport Terminal Hotels”, Canadian Lodging Outlook,
December 2007
“The Lowdown on Canada’s Hotel Construction High”, Canadian Lodging Outlook, December 2006
“Updated Smith Travel Research Markets in Canadian Lodging”, Canadian Lodging Outlook, June 2005
“2004 Canadian Hotel Transaction Survey”, Canadian Lodging Outlook, November 2004
“SARS and its Impact on Tourism in Toronto”, Canadian Lodging Outlook, March 2003
“Insurance Premiums on the Rise?”, Canadian Lodging Outlook, March 2002
“Limited-Service Growth in Canada – Where’s it Going?”, Canadian Lodging Outlook, November 2000

Press Coverage

HC² maps out Canadian hotel opportunities, 2019

My Articles

Hotel Assets: The Dark Horse in Real Estate Investing

The real estate market is constantly evolving, influenced by economic factors and societal trends. Over the years, different real estate sectors have taken turns in the spotlight, with office and multi-family properties often seen as safe and stable investments. However, recent data suggests a changing landscape, with hotel assets emerging as a more attractive investment option. In this article, we will explore how real estate investment in the lodging sector is becoming more appealing.

• October 17, 2024 By Dancong 'Dannie' Li , Jingjianxiong 'Charlie' Shi , Monique Rosszell

• Hotel Investments & Ownership , Development & Construction , Valuations & Market Studies , Mixed Use , Toronto

Resurgence and Transformation of the Canadian Niagara Falls Hotel Market

The Niagara Falls lodging market is rapidly recovering after the devastating pandemic-induced RevPAR decline of 72.9% in 2020. The market-wide RevPAR has reached 97% of the 2019 level in 2022 and is projected to reach 112% in 2023. ADR growth is leading the recovery.

• February 13, 2023 By Jingjianxiong 'Charlie' Shi , Monique Rosszell , Luc Espaillard

• Sales & Marketing , Development & Construction , Valuations & Market Studies , Travel & Tourism , COVID-19 , Canada , North America

Targeting Hotel Staycation Demand in Canada and Beyond

Due to travel restrictions, Staycations flourished as one of the few remaining sources of leisure demand. We interviewed hospitality experts and conducted a survey to gather data on consumers’ behavior and hoteliers’ response with regards to Staycations in Canada and beyond. Through this article, we share innovative strategies hoteliers can use to develop competing Staycation packages aiming to attract one of the identified Staycations subsegments: Dreamers, Explorers and Business Staycationers.

• June 2, 2021 By Monique Rosszell , Sarah Schehade , Luc Espaillard

• Hotel Operations , Sales & Marketing , Valuations & Market Studies , Travel & Tourism , COVID-19 , North America , Canada

HVS Canadian Hotel Valuation Index In-Depth Insights 2019

The state of Hotel Values in Canada…where are we headed nationally? If you are a Canadian hotel investor or Hotelier this is a must read…the recently released annual HVS Hotel Valuation Index forecast.

• February 3, 2020 By Monique Rosszell , Khushnawaz Mubarakai

• Valuations & Market Studies , Travel & Tourism , North America , Canada

HVS Canadian Hotel Valuation Index In-Depth Insights 2017

The state of Hotel Values in Canada…where are we headed nationally? If you are a Canadian hotel investor or Hotelier this is a must read…the recently released annual HVS Hotel Valuation Index forecast.

• January 1, 2017 By Monique Rosszell , Yan Hou

• Hotel Investments & Ownership , Valuations & Market Studies , Brokerage & Transactions , Economic Trends and Cycles , Calgary , Edmonton , Halifax , Montreal , Québec , Canada , Canada , North America

In Focus: Niagara Falls Area, Ontario, Canada

The Niagara Falls, ON, region is seeing another record-breaking year in RevPAR growth. The rise in occupancy and average daily rate is expected to continue with the persistence of the weak Canadian dollar and the rise in US/international travellers.

• December 29, 2016 By Jingjianxiong 'Charlie' Shi , Monique Rosszell