PHILADELPHIA After the arrival and departure of thousands of Republicans this summer at the GOP convention, Philadelphia is suffering from an oversupply of hotel rooms. Approximately 2,900 rooms were added to the city in the past three years, and an additional 680 rooms are slated for completion this year.
According to analysts, the city s hotel occupancy rate was a tepid 62% in 2000, and is expected to drop even lower to 61% during 2001.
Demand, however, for the new hotel rooms is up by 15% this year, which might help the market by 2002. Next year, 26 conventions are scheduled to bring a total of 235,000 attendees to the city, more than twice the number being generated by the 19 conventions being held this year. (2/16/01)
SOURCE:Philadelphia Daily News