On April 9, the Philadelphia Convention and Visitors Bureau (PHLCVB) presented key findings on the region’s hospitality industry at its Annual Report Business Meeting.
Eighteen citywide conventions, the most in a decade, and an increase in overseas visitation helped the city achieve modern-day records across many key hospitality metrics. Increased tourism activity has also helped spur growth among hospitality-related jobs, which now total 74,300 in Philadelphia County, an 11% increase over the last five years. This makes tourism and hospitality one of the city’s largest and fastest growing employment sectors.
Modern-day records were set for Center City hotels in 2018, including, annual occupancy (79.6%), average daily rate ($191), and hotel room revenue ($675 million). This continues a positive trend, as room revenues increased by 9.2% between 2017 and 2018.
Overseas visitation continues to produce great results for Philadelphia. In 2017, the most recent data available, 648,100 overseas visitors generated an economic impact of $1.1 billion. Visitor spending reached $651 million, a 7.2% year-over-year increase.
In 2018, the PHLCVB sales team was responsible for booking 607 meetings, conventions and sporting events for future years, estimated to generate 827,177 hotel room nights. The economic stability provided by this incoming business is key to sustaining the city’s growth. It also provides contract and partnership opportunities for local businesses.
Much of the success was made possible because of industry partnerships across in the region, including the leadership of the Greater Philadelphia Chamber of Commerce. To read the PHLCVB’s full 2018 Annual Report, visit www.discoverphl.com/annualreport.