PHILADELPHIA—After a strong first quarter, hoteliers in the Philadelphia region are seeing drops in occupancy rates and room rents, due in large part to the lack of convention business in the city.
In May just 7,400 room nights were filled, an 89% decrease from the 67,000 room nights filled in May 2013. Hotel occupancy decreased 4.9% in May 2014 and average room rents fell 6% as compared to a year earlier, according to the Philadelphia Business Journal.
In the first 28 days of June, hotel occupancy was down 5% to 81% and the average room rate was down 5.4% from $184.72 last year $to 174.83 this year. Overall room revenue for Philadelphia hoteliers was down 9.7% during the first 28 days of June.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
