PHILADELPHIA—After a strong first quarter,hoteliers in the Philadelphiaregion are seeing drops in occupancy rates and room rents, due inlarge part to the lack of convention business in the city.
In May just 7,400 room nights were filled, an 89% decrease fromthe 67,000 room nights filled in May 2013. Hotel occupancydecreased 4.9% in May 2014 and average room rents fell 6% ascompared to a year earlier, according to the Philadelphia BusinessJournal.
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 $to174.83 this year. Overall room revenue for Philadelphia hotelierswas down 9.7% during the first 28 days of June.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
