Philadelphia’s hotel industry experienced a healthy year of growth and set revenue records in 2019, according to new data released Tuesday.
Annual numbers compiled by the city, Visit Philadelphia, the Greater Philadelphia Hotel Association, and the Philadelphia Convention and Visitors Bureau spotlight the city's increasing popularity as a destination for both tourists and business travelers.
Room revenue in 2019 totaled a record $707 million, an increase of 4.3% from $678 million in 2018. Meanwhile, Philadelphia experienced new heights in revenue per available room — or RevPar, a key industry metric — at $154, up 1.2% from the prior year.
Hotels in 2019 also saw a record average daily rate of $202.41, a 5.8% year-over-year increase from $191.40 in 2018. The jump stems from factors including a noteworthy convention year, bolstered business demand coupled with strong leisure demand, an increase in high-end room inventory and a steady rise in average daily rates in recent years, the organizations said. The numbers mark a decade of growth for the industry, they added.