The Canadian Chapter of the Corporate Housing Providers Association (CCHPA) announces the release of the Corporate Housing Providers Association’s annual report on the state of the corporate housing industry. This anticipated report, the Corporate Housing Industry Report – 2012, indicates the corporate housing industry is continuing to expand across Canada and is a $2.49 billion industry in North America.
The average rate increased across Canada while several factors decreased last year such as occupancy, available units and average length of stay. With 4,567 units reporting, the Canadian corporate housing industry was estimated to generate room revenues of $169 million annually. Given the level of participation, experts believe the overall share of lodging revenues is much greater than that estimation.
“The research on the industry in Canada is still young as compared to the data available on the US market, which has been compiled for over a decade now,” says CHPA’s Canada Chapter President, Jeffrey Brookhouser of Premiere Executive Suites. “As corporate housing, or also known as executive suites, continues to evolve in Canada, the awareness and use of these services will increase.”