Niagara Falls has been one of Canada’s most visited tourist destination for decades, the city currently attracts over 12 million visitors per year. This past summer has been particularly successful for the destination; US tourist numbers are up due to the decline in the Canadian dollar and visitors from Quebec have increased as well. This success is echoed by operators on the American side of the Falls, who are reporting visitor increases by nearly 200%.
The main tourist area surrounds the direct Horseshoe Falls area, but the Niagara Falls tourism district is defined by a number of major areas including; Clifton Hill, Falls Avenue, Fallsview District, Lundy’s Lane and Victoria Street.
Niagara Falls major attractions is the Falls itself, but the Falls finds major support in outlets that include, casino and gaming, shows and theatre, theme parks, wine and culinary, nature and water attractions, festivals and fun and game attractions.
History of Niagara Falls as a Tourist Destination
Tourism began during the early 19th century and the city soon became known as the honeymoon capital of the world.
The Maid of the Mist, took it’s maiden voyage in 1846, in this age the boat was used as a ferry between the US and Canada. Once the bridge was constructed its use changed to a way to see the Horseshoe Falls up close. Other major tourist attractions came in the form of dare devils and tightrope walkers and state/provincial parks on either sides of the falls.
As industry mounted a decline during the 70s-80s tourism became an increased economic driver for the city. It was during the 1990’s that major hotel chains and attractions, as well as Casino Niagara, were introduced to the tourism landscape.
Future Development
There are a limited number of parcels of developable land left within the Niagara Falls tourist district, but two potential hotel developments have been announced. I have covered both in previous blogs. The twin tower development, if pursued, would be built on the site of the Michaels Inn and Loretto development is seeking investors for its Kalar road site.
News reports also broke this week surrounding the possibility of OLG tendering a private developer to build a new entertainment complex that could accommodate upwards of 7000. The development is fully supported by Niagara Falls officials.
Commercial Properties
Attractions
Niagara Falls has a number of major attractions. Their general categories can be divided into Niagara Parks based, Clifton Hill, theatre shows, casinos, golf courses, culinary and wine, festivals and theme parks. Iconic staples within Niagara Falls include; the Hornblower's Cruises, Clifton Hill, the Skylon Tower, the Niagara and Fallsview Casino’s and the Imax.
Hospitality
Niagara Falls is home to many international hotel chains including the Sheraton, Hilton, Marriott, Best Western, Great Wolf Lodge, Radisson and Wyndham. Smaller locally owned properties do line the direct Niagara Falls tourist area, these properties range from strip motels to large hotel properties like the Oakes Hotel on Fallsview Blvd.
The Niagara Falls tourist district is constantly changing, each property provides their own set of challenges when approach a valuation. Connect with a knowlegeable Niagara real estate appraiser to have your hotel or motel property valued.
