Calgary Hospitality Market Report

Sector fundamentals remain on upward trajectory. Calgary’s close proximity to multiple national parks located in the Rocky Mountains played a key role in the metro’s post-pandemic tourism recovery. As health restrictions were removed in 2022, leisure travelers returned to the metro at a fast pace. Occupancy reached a post-pandemic peak of 81.7 per cent in July, which coincided with the highest July visitor attendance on record at Banff National Park. This fierce rebound of leisure travel lifted the metro’s 2022 annual average occupancy back to the pre-pandemic level, with ADR and RevPAR all registering post-pandemic highs. For the remainder of 2023, transient leisure travel is expected to continue to aid the hospitality sector’s recovery. The annual average occupancy will likely rise above 60 per cent for the first time since 2015, with key revenue metrics rising for another year as a reflection of this heightening demand.