Calgary Hospitality Market Report

Hotels benefiting from economic conditions. Hotel demand is likely to hold on a positive trajectory throughout the remainder of 2024 as Calgary’s economy is set to outperform the national average amid record population growth, a lower cost of living and a well-performing energy sector. Given strong oil and gas performance seen in recent years and a relatively positive short-term outlook — along with a diversifying economy — weekday demand will remain strong. In addition to business travel associated with the energy sector, emerging industries such as tech, coupled with related conferences and trade shows, will contribute to hotel occupancy and key revenue metrics. This was highlighted by the $500 million investment from all levels of government to expand BMO Centre. With completion set for this summer, it will be Western Canada’s largest convention center and will support a wide range of events such as conferences, concerts and the Calgary Stampede. This expansion in Calgary’s capacity to host large-scale events will drive hotel performance over the long term.