Vancouver, a major city in Western Canada, s bustling west coast seaport in British Columbia along the Pacific Ocean bordered by the Strait of Georgia, the Fraser River and the Coast Mountains range, among Canada's densest, most ethnically diverse cities, a very popular destination highlighted by thriving art, theatre and music scenes, needs 10.000 more hotel rooms to keep up with growing demand.
Destination Vancouver, the non - profit destination marketing and management organization and major body for the promotion of the Canadian city recently published a new report, highlighting plans,strategies and recommendation to reach this target.
It says shifts in the real estate market, including declining demand for office space has created a window for hotel development and according to the organization hotels in Vancouver are currently operating at 80% capacity year - round, and 95% capacity during peak season.
A previous report from 2023 after a study and an accurate analysis led by Destination Vancouver found that a lack of new investment and a lack of hotel supply would translate into losses for the provincial economy.
Since 2023 Destination Vancouver in cooperation with BC Hotel Association, organization that has advocated for the best interest of the province's accommodation sector since 1917 have been operating the Vancouver Hotel Development Task Force to take concrete action on the issue.
The report outlines several recommendations and solutions to overcome barriers, including pre - zoning for hotel use in transit - oriented areas, and pairing hotels with residential development.
The report also highlights if the 10.000 rooms were built, it would create 5.500 new hospitality jobs, $125 million in annual municipal tax revenue and $78 million in provincial revenue.
President and CEO of Destination Vancouver, Royce Chwin told 1130 News Radio that Vancouver today has the same number of rooms that it had in 2002, and that presents a problem as Vancouver continues to invite the world and bring major events to the city.
In a news release, Co – Chair of the Task Force Ingrid Jarrett with the CEO of Destination Vancouver, Royce Chwin and the former CEO of the BC Association said that this is about more than hotel rooms, it's about building a vibrant, resilient city, and hotels are economic engines and social anchors and they support, jobs, events, tourism, local businesses and can enliven neighbourhoods.
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