Vancouver hotel demand set to outpace capacity without ‘significant’ investment, warns new report – BC | 24CA News
A brand new report from Destination Vancouver warns an absence of lodge capability might value the town billions in financial affect and 1000’s of ‘unrealized’ full-time jobs, with demand set to outpace provide in as little as three years.
The report estimates about 20,000 new lodge rooms are wanted in Metro Vancouver by 2050, about half of which might be within the metropolis of Vancouver.
From the Rugby 7s, Grey Cup, Laver Cup and the Invictus Games, to the FIFA World Cup in 2026 or one thing so simple as the Canucks and Whitecaps weekend residence video games, Destination Vancouver says the financial affect could be intensive.
It warns not maintaining with demand would value the area greater than $30 billion by 2050 and greater than 168,000 full time jobs.
“It’s a conversation we need to have around strategy with the federal government, First Nations, the City of Vancouver, so everyone is well aware of it,” stated Minister of Tourism Lana Popham.
“We’re going to be looking for solutions,” she stated.
The City of Vancouver itself is down 1,500 lodge rooms since 2010. 550 had been additionally bought by the town and B.C. Housing to transform rooms into supporting housing.
Read extra:
‘This is unprecedented’: B.C.’s lodge trade takes massive hit throughout coronavirus disaster
“We’ve lost hotels as they have converted due to the high cost of real estate, into housing. We’ve lost hotels with the use of them being turned into supportive housing, with programs that came forward during the pandemic, but what we really want to see is flexible, more nimble policies that allow hotel use across the city,” stated Coun. Sarah Kirby-Yung.
It says vital funding is required to recoup the losses, and present improvement functions and permits submitted are at the moment inadequate.
Airbnb, which at the moment provides about 3,500 listings within the space., wish to play an even bigger function.
“I’m thinking all these events coming to Vancouver, people are looking towards those as opportunities to leave town, and opportunities to make extra money by engaging in short-term rentals even for short periods of time,” stated Nathan Rotman, Airbnb Regional Lead for Canada and US Northeast.
One of the largest points, the report factors out, is house. One concept being floated is a lodge barge in Coal Harbour, that the town is open to.
“Potential for a floating hotel has been very positive as we know from the developers who want to bring it here, as well as the City of Vancouver,” stated Destination Vancouver CEO Royce Chwin.
“Being open and thinking differently, those are the kinds of things to bring a competitive advantage to Vancouver.”
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