As you are aware, Toronto is undergoing rapid economic and population growth. Through the development pressures our city is facing, there have been an increasing number of hotels being redeveloped into condominiums, removing hotel space supply from the market. Some recent proposals would remove over 1,000 hotel units from the heart of our downtown core.
With a robust and growing convention, tourism and travel business sector, it is critical that Toronto's hotel industry remains strong and vibrant with a sufficient number of hotel rooms. In 2015, over 40 million people visited Toronto and spent $7.2 billion in our local economy.
It is important that we analyze and consider the impacts that hotel redevelopments may have on Toronto's tourism/convention business and develop possible strategies to ensure that these industries remain strong in light of development pressure.
At City Council earlier this month I moved a motion with my colleague Councillor Kristyn Wong-Tam directing City Staff to undertake an analysis of the hotel industry, its development pressures, impacts on tourism, and strategies for strengthening Toronto's hotel, tourism, hospitality and convention industries. This motion will now be considered by the Economic Development Committee. To read the complete motion, please click here.