Center City hotels doubled room revenue in 2021 but face a long road to full pandemic recovery
https://www.bizjournals.com/philadel...tels-2021.html
"Center City hotels saw sizable increases last year in all key performance metrics, including occupancy and revenue per available room, as the recovering leisure travel segment carried the local tourism industry."
"There were 2 million room nights sold at Center City hotels in 2021, a 71.6% spike from the 1.16 million room nights sold the preceding year when the Covid-19 pandemic first hit locally..."
"There were 4.88 million room nights in supply last year, a 30.6% increase versus 2020 as more properties came back online after temporary closures and a handful of new hotels like the 755-room W/Element and the 208-room Live! Hotel Philadelphia debuted in the market."
"Despite the strides in recovery, Philadelphia’s hotel sector still has a long way to go to return to its pre-pandemic prime of 2019, which was widely considered to be the best year on record for the city’s then-booming tourism and hospitality world."
"While hotel room supply in Center City increased 4.5% in 2021 compared to 2019 because of the newly opened properties, demand still paced 44.2% behind overall."