The city of Niagara Falls, Ontario, is on the Canadian side of Niagara Falls, which forms the international border between the Canadian province of Ontario and the US state of New York.
The natural wonder of Niagara Falls, which is the collective name for the Horseshoe Falls, the adjacent American Falls, and the smaller Bridal Veil Falls, is a major tourist attraction for the city of Niagara Falls, attracting 12 million visitors every year.
Combined, the three falls have the highest flow rate of any waterfall in the worldâ€"and a vertical drop of more than 165 feet.Â
With a population of 85,810, the city offers direct "one-day" business opportunities to people on both sides of the border, along with multi-modal transportation networking that includes road, water, rail, and air.
In addition to having competitive advantages for business development, Niagara Falls offers desirable industrial and commercial real estate, a vibrant arts and culture scene, an array of commercial enterprises and recreational opportunities, as well as scenic tranquility.Â
The following In Focus report details factors relevant to the near-term vitality of the hotel industry in the Niagara Falls area, focusing on the city of Niagara Falls and Niagara-on-the-lake, Ontario.
Hotel Market Performance and Forecast
Overview of Historical Occupancy and Rate TrendsÂ
The following charts illustrate the projected trends in hotel occupancy, average daily rate (ADR), and RevPAR for the Niagara Falls lodging market from 2016 through 2018.
Building on the Strong Growth in Occupancy and ADR since 2013, the Outlook for the
Niagara Falls Lodging Market Remains Positive
Niagara Fallsâ€™ Occupancy and Average Rate are both expected to remain above National Average
The room supply in Niagara Falls increased modestly from 2006 to 2011, before new development slowed down in 2012. Slight growth was observed from 2013 to 2014. The closure of the 185-room Comfort Inn Clifton Hill in October 2015 caused a slight decrease in supply.
Demand has generally been on an upward trend since 2010, the only exception being 2013, when the area suffered a slight drop in meeting and group demand as a result of fewer market-wide events/conventions taking place.Â
Read the full article here.