Wednesday, February 08, 2006

2005 Good Year for Center City Hotels

Center City hotels reported a 2005 occupancy rate of 73.1%, up 3.2% from last year, according to Smith Travel Research. The average room rate was up 9% to $143.59 and RevPAR (room revenue per available room) was up 12.5%. These excellent results are fueling approximately $50 million in renovations and improvements to Center City hotels, such as: a new 19th-floor restaurant at the Park Hyatt Philadelphia at the Bellevue and high-speed Internet/wireless service and redecorated rooms at the Four Seasons Philadelphia.

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