From a tourist stand point, research will show that 80% of the touristic dollars will come from less than a 5-6 hour drive from that location. The goal then is to be located in an area where there are high population close by and strong tourism.
Stratford
Population – 35,000
Attractions
- Stratford Festival runs from April to November. Sells approximately 550,000 tickets per year
- 80 bed and breakfasts in the town
o Average price at a B&B is $110 - $135
o Asking price $650 - $1.2K
o Revenue generation $10K - $15K per room
Picton
Population – 6000
Attractions
- Sand Banks National Park
- 100,000 visitors annually
- 34+ wineries
o Just getting started
- 59 bed and breakfasts and growing
o Average price at a B&B is $140 - $180
o Asking price $900-$1.4m
o Revenue Generation $12-18k per room
Choose your Location Carefully
A 5 hour drive from Niagara takes you to
-Kingston
-Detroit
-North Bay
- Albany, NY
That is a large population area to draw your guests from.
Niagara Falls
Population – 83,000
Attraction
Niagara Falls
- 11 - 14 million visitors annually
- World Class attraction – one of the Seven Wonders of the World
- Attracts people from all over the world.
Wine Region
60 Bed and breakfasts
o Average price at a B&B is $100 - $140
o Asking prices range from $650 – $$1.3M
o Revenue generation $12-20K per room
Niagara-on-the Lake
Population – 18,000
Attractions
Niagara Falls (spill over)
Wineries
Shaw Festival
- 300,000 visitors
Annual visitors 3.5Million
150 bed and Breakfasts
o Average price at a B&B is $150 - $265
o Asking prices range from $950 – to $3M
§ Average is $1.2M - 1.8M
o Revenue generation $20 - $45k per room
Basically the reason there are so many bed and breakfasts in the Niagara Region is because it has a strong market for tourism and is only 1.5 hours from Toronto. Niagara-on-the Lake developed due to the lack of hotels and the town is very strict in allowing new hotels in the old town.
Niagara Falls Bed and Breakfasts are mainly in one area due to the required zoning.