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Towards the end of first quarter of 2021, the Canadian Hotel industry has begun to see slight improvement in demand; Western Canada led the strongest demand improvement over 2020 while the Atlantic bubble continues to deliver a devastating impact to the market.
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2020: A year like no other in the Canadian Hotel Industry, a year to capitalize on fine tuning operations to be more efficient for when demand returns in 2021.
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Through Q3 2020, RevPar in Canada continues to deteriorate, declining 61% over 2019. Hotels in the luxury segment and those with more than 500 rooms have taken the brunt of the impact. Covid-19 is not affecting markets uniformly across the country. The Okanagan and Northern Ontario markets have fared best with decreases of 33% and 35% while the hardest hit market, Downtown Montreal has a RevPAR decline close to 80%. With the pandemic not slowing, we don’t foresee improvement until the spring.
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130% RevPar penetration… very attainable with Airport Terminal Hotels! Why? Barriers to entry, limited number of airports, and convenience, all contribute to the uniqueness of the success of Airport Terminal Hotels.
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Downtown Montreal Hotel Market