Canada’s Hotels Add Up the Impact of Taylor Swift
Skift Take
In November 2024, Canada’s hotel industry experienced a significant boost, driven by Taylor Swift’s Eras Tour and a favorable calendar shift, with notable occupancy and rate increases in Toronto and Vancouver.
The DJIA was up 340 points on Friday while Nasdaq rose 341, the S&P 500 was up 74 points and the 10-year treasury yield jumped 0.05 to 4.60%. Lodging stocks were higher. SOND was the mover of note, up 10%.
In November 2024, Canada’s hotel industry saw a significant boost, primarily attributed to Taylor Swift’s Eras Tour and a favorable calendar shift, based on data from CoStar. The occupancy rate increased by 1.0% to 62.4%, while the ADR and RevPAR rose by 9.7% and 10.8%, respectively. The tour had a particularly notable impact in downtown Toronto, which averaged room rates of $779 over the six-night period, contributing to national transient and weekend rate growth of 11.5% and 12.1%, respectively. Luxury hotels saw the highest increase, with rates rising by 19.3%. Ontario recorded the highest occupancy level at 67.4%. Toronto held the highest occupancy rate among major markets at 76.4%. On the other hand, the lowest occupancy rates were reported in Prince Edward
