Philadelphia Hotels Set New Records For Revenue, Occupancy
Philadelphia is a city on the rise, and its hotels are proof.
In the first half of 2018, hotels in the City of Brotherly Love earned $332.2M at an occupancy rate of 79.5%, both modern-day records, the Philadelphia Business Journal reports. Hospitality research firm STR's numbers, cited by the Philadelphia Convention & Visitors Bureau, show the first half of 2018 eclipsed the previous year by 102,000 room bookings.
The underlying numbers are just as positive. Average daily rates were up 4.5% over the first half of 2017, and Saturday night occupancy — which is a metric of leisure travel success — was a record 91.6% with an ADR of $191, the PBJ reports.
Developers are fully aware of the success of the hotel market, particularly in Center City. More than 2,000 rooms are set to deliver by the end of the decade, and nine new hotels are under construction to open in the next 18 months, including the city's first microhotel at 19th and Ludlow streets.