Hotel rates are surging after travel roared back this summer. “We have 24 rooms and are running at nearly 100 per cent occupancy through October.”He said bookings picked up in March 2022, and have remained steady. Markets dependent on business travel, including Toronto, continue to face challenges, the report notes. In 2019, the city’s hotels had 74 per cent occupancy, which is projected to settle at 68 per cent in 2023, CBRE notes. Killeen predicts hotel rates will level off as the cost for rooms right now “feels a bit inflated” but the elevated rates are help make up for pandemic losses.

Source: thestar September 24, 2022 23:30 UTC