PHILADELPHIA-The lagging convention center business in Philadelphia is causing Host Hotels, the owner of the Philadelphia Marriott Downtown, to consider putting the hotel on the market for sale.
The Philadelphia Marriott's Director of Sales and Marketing Tim Haggerty, tells the Philadelphia Inquirer, "Host is in the process of evaluating whether to put the hotel on the market or not. They are doing their due diligence.”
Haggerty adds, "Over half of the hotel's revenue is generated through meetings and conventions. Certainly the success of the Convention Center, and the ability…to bring citywide conventions, is integral to the overall success of the hotel in the long run." He did note that the hotel will be achieving record level occupancies this year.
The Marriott Downtown opened with about 1,200 rooms in January 1995 and expanded to 1,408 rooms in 1999. In 2011 a $54-million renovation was completed. The commercial property newsletter Real Estate Alert has reported that Host is hopeful it can sell the property for as much as $325 million. See story in The Inquirer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
