Canada Hospitality Real Estate Sector Market Size

Canada Hospitality Real Estate Market Analysis

The hospitality real estate sector in Canada already has a number of players who have their presence in most of the famous cities, yet it holds a place for numerous newcomers into the market. The market is driven majorly by the tourism industry. In order to accommodate the increasing number of visitors, the organizations are investing heavily in the construction industry. The hotels and accommodation segment is driving the market and has become the highest revenue generator for the market. The revolutionary technological upgradations that are coming in the construction industry are making it a bit for the investors to renovate their hotels from time to time in order the attract the dynamic customer group. The use of modular construction has been steadily increasing in the hospitality sector. This technology is typically helping the investors in completing the construction in a shorter span of time. the institutions are investing a greater interest in developing new hotel projects by focusing on different specializations that fit their target location and market. This may include much smaller room sizes, more outdoor space, lobbies with integrated bars and restaurants, of which impact the type of materials needed for construction and cost to build a project. Shortages in the availability of the construction workforce and rising costs of raw materials are inhibiting the market to score even a greater number of market share.