"We previously considered 2000 the best year ever," Peter Tyson, VP in the local office of PKF Consulting, tells GlobeSt.com. This PFK office interprets Smith Travel's data for the MSA. "That makes 2005 the best ever," he says, acknowledging he doesn't have records for before 1999.
The average room rate for Center City hotels was $143.59, up 9% from $131.75 a year ago, and RevPAR in these properties rose to $104.98, up 12.5% from $93.29 the year before. The overall increase in tourism here was helped by a 2.2% decline in available rooms this year. The Adams Mark hotel sold to Target, and the Rittenhouse Regency and Sheraton Rittenhouse were acquired for condo conversion as was a portion of the Radisson Plaza-Warwick. "While the rise in Center City's ADR is positive," Tyson says, "Center City hotel rates remain significantly below those in Boston and Washington, DC."
At 79.5%, the airport/stadium submarket had the highest occupancy of all submarkets in the MSA. This represented an 11.4% increase over the previous year, and Tyson attributes it primarily to expansion of Philadelphia International Airport and the addition of low-cost carriers. With the exception of lower Bucks County, where occupancy declined by 0.6%, all of the surrounding suburbs in Pennsylvania tallied occupancy increases in 2005. Furthermore, ADR and RevPAR increased in all of the Pennsylvania suburbs.
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