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Since the COVID-19 pandemic, Philadelphia's ADR has fully recovered, but occupancy and RevPAR remain below 2019 levels. The primary factor limiting the recovery is the stagnant commercial and group demand segments. However, leisure demand has increased, and the city is preparing to host several large events in the coming years, supporting a positive outlook.
Article - HVS Market Report - Philadelphia Hotel Market: Poised for Success - By Michael Lambdin and Scott Killheffer - Since the COVID-19 pandemic, Philadelphia's ADR has fully recovered, but occupancy and RevPAR remain below 2019 levels. The primary factor limiting the recovery is the stagnant commercial and group demand segments. However, leisure demand has increased, and the city is preparing to host several large events in the coming years, supporting a positive outlook.
Amid a worldwide pandemic, the lodging industry is facing a downturn that is greater than the past two lodging-market declines combined. During the Great Recession, Philadelphia's occupancy fell three points from approximately 65% in 2008 to 62% in 2009; in 2020, occupancy dropped from the 2019 benchmark of roughly 70% to 44%, reflecting a 26-point correction.