LandLandThe EconomistEconomist Fall 2001, Vol. 31, No. 3 Hospitality Market Overview . 2 The hotel market, often consid- ered an industry bellwether, has been facing some challenges in recent years. Kitchener-Waterloo Has Seen Significant Growth . 4 Kitchener/Waterloo is a key part of Canada’s “Technology Triangle”. Will Lifestyle Centres Come to Canada? . 6 Lifestyle Centres are taking the US by storm. Can Canada expect a similar invasion? President’s Message . 7 2001-2002 Council . 7 The Legislative Beat . 8 Terrorist Hijackings • Economic Statement • Premier Harris to Step Down • Municipal Act • Red Tape News • Oak Ridges Moraine • Smart Growth • Go Transit/GTSB This Professional Journal is published by the Association of Ontario Land Economists Administrative Offices: 1235 Bay St. Suite 500 Toronto, Ontario, M5R 3K4 Phone: (416) 934-5166 Fax: (416) 934-5021 Website: www.aole.org Email:
[email protected] The Kitchener-Waterloo area has climbed a long way back since the early ‘90s. Keith Hobcraft discusses the area’s significant recovery and growth on page 4. Hospitality Market Overview by Brian Flood and Curtis Gallagher ness, convention and leisure travel funds in the early 1990s. Following have all been curtailed. This factor the improvement in the U.S. market, The hotel market is often viewed as a will have a definite impact on fourth these buyers targeted Canada leading performance indicator quarter 2001, but the longer term seeking undervalued, non- within the real estate industry. impact is still uncertain. performing assets for purposes of Since hotel room rental contracts repositioning. are for one night, compared to the Historic Results longer-term agreements of other Market results for Ontario, outlined In 1997, the Canadian hotel invest- forms of investment real estate, they in Chart 1, provide some perspective ment market was impacted with the tend to feel the impact of any on the market over the past decade.