1、September 11,2025Canadian Hotel Industry OutlookQ3 2025 2025 CBRE LIMITED2CBRE Hotels TeamNicole NguyenSenior Vice President,CBRE Hotels+1 647 625 Kirstin Hallett Vice President,CBRE Hotels+1 778 372 2025CBRE LIMITED3Agenda1.Year to Date 2025 Performance2.2026 Forecast Fundamentals3.Regional Forecas

2、ts4.National Outlook5.Final Thoughts6.Q&A 2025 CBRE LIMITED52024-2025 YTD RevPARYEAR TO DATE 2025 PERFORMANCE$85$94$100$105$112$122$130$90$99$103$107$116$126$135$0$20$40$60$80$100$120$140$160RevPAR($)20242025+4.1%2025 CBRE LIMITED74.2%1.5%1.6%0.8%0.4%-0.7%-1.3%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5

3、%20222023202420252026June 2025 OutlookRevision since Dec 2024National Projected GDP Growth Forecast2026 FORECAST FUNDAMENTALSEconomic outlook for Canada has worsened on rising trade tensions with the U.S.Source:CBRE Research,Oxford Economics,Statistics Canada,2025Forecast 2025 CBRE LIMITED8Tourism C

4、onditionsOverseas VisitsDomestic Business Visits130,256135,700127,550134,658122,000124,000126,000128,000130,000132,000134,000136,000138,00020242025Winter 2024/2025Spring 20252026 FORECAST FUNDAMENTALSSource:Conference Board of CanadaTotal Overnight Visits6.2%3.8%3.2%5.6%8,0878,1167,1617,6526,4006,60

5、06,8007,0007,2007,4007,6007,8008,0008,2008,40020242025Winter 2024/2025Spring 20250.0%-11.5%1.0%6.8%8,5539,5048,5138,3827,8008,0008,2008,4008,6008,8009,0009,2009,4009,60020242025Winter 2024/2025Spring 20255.2%7.1%11.1%-1.5%2025 CBRE LIMITED9Air Passenger Traffic 2019 YTD 2025 July2026 FORECAST FUNDAM

6、ENTALS56.314.715.442.054.757.933.033.80102030405060702019202020212022202320242024 YTDJuly2025 YTDJulyPassenger Activity(millions)Source:Screened Passenger Data at Eight Largest Airports,CATSACalgary International Airport,Ottawa International Airport,Toronto-Pearson International Airport,Montral-Pier