There's been some discussion about losing hotels in the Downtown thread, but as we apparently don't have a hotel thread I thought this was probably the right place to illustrate how difficult things have been, and why many hotel projects across the region are apparently being re-thought.
As they're a publicly traded company, Wall Financial issue statements on their performance, and as their rooms are all in Vancouver the information is instructive about the state of the business locally.
Here's an extract from the latest company results.
"The declaration of the COVID-19 virus as a pandemic by the World Health Organization on March 11, 2020, and the subsequent shut downs globally, domestically and locally have had a significant impact on the Company's hotel operations. The Company enacted cost reduction programs at its two hotels, which include the closure of one of the two towers at its downtown hotel, the furlough of all non-essential staff, and the elimination of all but the most necessary expenses in order to preserve cash flow. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the Company's business is not known at this time. For the year ended January 31, 2021, the Company's hotel operations have experienced a significant decline in current and future guest bookings and occupancy levels are low, resulting in a decrease of revenues from hotel operations from $91,752,872 for the year ended January 31, 2020 to $15,394,607 for the year ended January 31, 2021."
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