Downtown Edmonton hasn’t had a new hotel since the 70s. Now it’s getting two luxurious ones.
It surprising that the city has gone this many decades without a trendy new hotel development, especially with the billions of dollars pouring into other types of infrastructure in Edmonton.
But the wait is now over. According to Edmonton Journal coverage, the first hotel should be opening by Q3 2015, which will be the $45 million Hyatt Place at Jasper Avenue and 96thStreet.
The second hotel, which will be a part of the Katz Group Edmonton Arena District, may not open its doors until late 2017. While flag negotiations are still in process, many speculate that the hotel will open under the Marriott banner.
Hotel advisory consultants at PKF have already increased their forecasts for hotel rates, revenues and occupancy in Edmonton for 2014, by more than double. Rates for the new hotels are expected to run between $150 and $400 per night.
For Edmonton this suggests that there will be an increase in visitors and tourists. It also suggests that more affluent visitors will be inbound and will be staying for longer.
On the street level this will boost the retail and hospitality industries even further. On the macro level, these hotels will help support Edmonton’s new elevated status on the world map and push it closer to being a real world city.
For Canadian real estate investors this doesn’t necessarily suggest that it’s time to jump on the hotel train. In fact, there are many areas in Edmonton for investors to flourish in. It just needs to be the right choice for you.