InnVest Hotels acquires The Algonquin Resort St. Andrews by‑the‑Sea, Autograph Collection and The Algonquin Golf Course
InnVest Hotels has acquired The Algonquin Resort St. Andrews by-the-Sea, Autograph Collection and The Algonquin Golf Course.
Tourism spending in Canada grew 2.6 per cent in the first quarter, due to an increase of 3.5 per cent in domestic tourism spending by Canadian residents, according to a new report from Statistics Canada.
Tourism gross domestic product (GDP) (+2.3 per cent) and jobs attributable to tourism (+2.7 per cent) also rose in the first quarter.
Passenger air transport (+2.9 per cent) contributed the most to the growth in tourism spending in the first quarter, followed by food and beverage (+4.7 per cent) and accommodation (+2.2 per cent) services. As a result of this continued overall growth, tourism spending rose to 86.7 per cent of its level in the fourth quarter of 2019, before the COVID-19 pandemic.
Tourism GDP grew 2.3 per cent in the first quarter of 2023, the same growth rate as the fourth quarter of 2022. In the first quarter of 2023, food and beverage (+4.3 per cent) and accommodation (+2.1 per cent) services industries were the largest contributors to the growth. With economy-wide GDP increasing 0.8 per cent in the first quarter, tourism's share of GDP rose 0.04 percentage points to 1.65 per cent. Overall, tourism GDP was 84.4 per cent of its pre-pandemic level.
Employment attributable to tourism rose 2.7 per cent in the first quarter of 2023, following an increase of 1.4 per cent in the previous quarter. In the first quarter of 2023, food and beverage (+3.6 per cent) and accommodation (+3.2 per cent) services industries were the largest contributors to the growth. Economy-wide employment increased 1.7 per cent in the first quarter. As a result, tourism's share of employment grew to 3.30 per cent.
Tourism spending in Canada by Canadians rises
Tourism spending in Canada by Canadians increased 3.5 per cent in the first quarter of 2023, following a 1.3 per cent decline in the previous quarter. In the first quarter of 2023, increased spending on passenger air transport (+4.6 per cent), food and beverage (+6.1 per cent) and accommodation (+4.4 per cent) services contributed most to the rise.
Spending by international visitors edges down
Tourism spending by international visitors edged down 0.1 per cent in the first quarter of 2023, after double-digit increases in each of the last three quarters of 2022. In the first quarter of 2023, declines in passenger air transport (-3.2 per cent) and accommodation services (-0.6 per cent) were mostly offset by growth in non-tourism products (+2.7 per cent), vehicle fuel (+7.5 per cent) and vehicle repairs and parts (+6.8 per cent). Overnight travel by non-residents declined 0.4 per cent, while same-day travel by non-residents increased 10.5 per cent.
Products
The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.
The Latest Developments in the Canadian Economic Accounts (Catalogue number13-605-X) is available.
The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.
The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is available.
InnVest Hotels has acquired The Algonquin Resort St. Andrews by-the-Sea, Autograph Collection and The Algonquin Golf Course.
The new owners of the famed Windermere House hotel and resort on Muskoka’s Lake Rosseau intend to revitalize the building and its amenities while preserving the property’s historical integrity.
Proactive Hospitality has acquired the Coast Osoyoos Beach Hotel, B.C. CFO Capital arranged acquisition financing for the deal.
Tribute Portfolio – part of Marriott Bonvoy's extraordinary portfolio of 31 hotel brands – continues to grow its global family of characterful hotels with Honeyrose Hotel Montreal, a Tribute Portfolio Hotel, the brand's…