Are Philly Hotels Slipping?
Philly isn’t short on proposals for more hotels, but one quarterly report suggests the demand for them may not have arrived yet. Host Hotels & Resorts, owners of the Four Seasons on Logan Square (pictured) and Philadelphia Airport Marriott, says the Philly market “significantly underperformed” in Host's portfolio in Q2. The report filed with the SEC identifies two factors for the decrease: fewer group room nights “due to declining citywide events” and “lower transient rates,” equating to an 82.8% average occupancy for its 776 rooms at both properties, a decline from 85% in Q2 '13. But we anticipate the Four Seasons will rise again (not only literally) when it relocates to the top of the Comcast Innovation and Technology Center scheduled for opening in early 2018.