Philadelphia Hotel Performance 2011


5 County Hotel Performance 2000-2011. ADR. Dec-00,. $107.7. Nov-08,. $133.6. Dec-11,. $122.9. RevPAR. Dec-00,. $72.4. Apr-08,. $91.4. Dec-11,. $84.1. ...

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Philadelphia Hotel Performance 2011

Hotel Industry Facts and Figures 2011 Greater

Philadelphia

Philadelphia

County

4.9 mil

33,500

15,300

10,600

1.8 bil

12.2 mil

5.59 mil

3.86 mil

(+ 0.6%)

(+ 0.3%)

(+ 0.5%)

(+ 0.1%)

1.06 bil

8.31 mil

4.04 mil

2.77 mil

(+ 5.0%)

(+ 3.3%)

(+ 2.0%)

(+ 0.8%)

60.1%

68.0%

72.2%

71.8%

(+ 4.4%)

(+ 3.1%)

(+ 1.5%)

(+ 0.7%)

$102

$124

$147

$161

(+ 3.7%)

(+ 7.2%)

(+ 9.2%)

(+ 9.7%)

$61

$84

$106

$115

(+8.2%)

(+ 10.5%)

(+ 10.8%)

(+ 10.2%)

$108 bil

$1.03 bil

$592 mil

$446 mil

(+ 8.8%)

(+ 10.7%)

(+ 11.4%)

(+ 10.3%)

Smith Travel Research

Smith Travel Research

Smith Travel Research

PKF Consulting

National Daily Supply Annual Supply Annual Demand Occupancy Average Daily Rate Rev Per Avail Room Total Revenue Source

Center City

Hotel Metrics by County 2011 Daily Supply Annual Supply Annual Demand Occupancy

Avg Daily Rate RevPAR Total Revenue

Bucks

Chester

Delaware

Montgomery

Philadelphia

4,000

3,500

3,200

7,400

15,300

1.47 mil

1.27 mil

1.18 mil

2.70 mil

5.59 mil

(+ 0.1%)

(- 1.3%)

(+ 3.8%)

(- 0.8%)

(+ 0.5%)

906,000

817,000

788,000

1.76 mil

4.04 mil

(+ 2.9%)

(+ 1.3%)

(+ 9.3%)

(+ 5.1%)

(+ 2.0%)

61.5%

64.5%

66.9%

65.3%

72.2%

(+ 2.7%)

(+ 2.6%)

(+ 5.3%)

(+ 6.0%)

(+ 1.5%)

$93

$110

$91

$108

$147

(+ 2.6%)

(+ 4.1%)

(+ 5.9%)

(+ 6.6%)

(+ 9.2%)

$57

$71

$61

$70

$106

(+ 5.3%)

(+ 6.8%)

(+ 11.5 %)

(+ 13.1%)

(+ 10.8%)

$85 mil

$90 mil

$72 mil

$190 mil

$592 mil

(+ 5.5%)

(+ 5.4%)

(+ 15.7%)

(+ 12.1%)

(+ 11.4%)

Source: Smith Travel Research

5 County Hotel Performance 2000-2011 12 month moving avg ADR

RevPAR

Occupancy

160

Nov-08, $133.6

140

120

ADR Dec-00, $107.7 Apr-08, $91.4

100

80

RevPAR Dec-00, $72.4

Occ 60 Dec-00, 66.8%

Jun-05, 71.0%

40

20

0

Source: Smith Travel Research

Dec-11, $122.9

Dec-11, $84.1

Dec-11, 68.0%

Center City Philadelphia

Center City Performance and Projections Occupancy

ADR

RevPAR

2002

66.0%

$139

$91

2003

66.4%

$130

$86

2004

70.8%

$133

$94

2005

72.5%

$145

$105

2006

73.6%

$156

$115

2007

74.1%

$170

$126

2008

70.6%

$174

$123

2009

68.3%

$153

$104

2010

71.3%

$147

$105

2011

71.8%

$161

$115

Source: PKF Consulting

Downtown Hotel Performance 2011 New York

Occupancy

ADR

RevPAR

Room Count

(Manhattan)

Washington DC

Boston

Philadelphia

Baltimore

85.3%

75.3%

77.5%

71.6%

62.3%

(- 0.2%)

(+ 1.6%)

(+ 2.4%)

(+ 1.1%)

(+ 2.8%)

$276

$206

$196

$160

$138

(+ 5.6%)

(+ 2.1%)

(+ 3.9%)

(+ 9.7%)

(+ 0.6%)

$235

$155

$152

$114

$86

(+ 5.3%)

(+ 3.7%)

(+ 6.4%)

(+ 10.9%)

(+ 2.8%)

78,861

27,640

18,198

11,160

9,742

(+ 18.5%)

(+ 0.8)

(flat)

(flat)

(+ 0.9%)

Source: Smith Travel Research, PKF Consulting

Center City RevPAR 2008-2011 $180

2008 $160

$154

+$1

$155 +$5

$152

$0

2010

2011

$152 +$10

+$5 $140

2009

-$9

+$15

$122

-$25

-$8

$120

$114 +$11

$100

-$19 -$0

$94

-$8 $86 +$5

$80

+$2

-$15

$60

Washington DC

Boston

Philadelphia

Source: Smith Travel Research

Baltimore

Downtown ADR Gap $0

Washington DC $208

Washington DC $198

Washington DC $202

Washington DC $206

-$3 -$10 -$14 -$20

-$40

-$18

-$35

-$46

-$46

-$53

-$56

-$60

-$59 -$64

Boston

Philadelphia

-$68

Baltimore

-$80

2008

2009

2010

Source: Smith Travel Research

2011

Wednesday vs. Saturday Night Occupancy Downtown Occupancy 2008-2011 Washington DC

Boston

Philadelphia

Baltimore

85%

82%

80% 80%

79%

79%

77% 75%

72% 69%

70%

65%

65%

60%

Wednesday

Saturday Source: Smith Travel Research

Center City Market Mix, 2011 Individual Leisure 29%

Group: Non-PCC 24%

Convention and Group: 35% Group: PCC 11% Commercial/Gvt 32%

Airline Crews 4% Source: PKF Consulting

Historical Center City Market Mix Center City Hotel Market Mix, 2002-2011 Room Nights

Commercial/Gvt/Airline

Individual Leisure

Group - Non Convention Center

Convention Center Related

1,000,000

10 yr avg 937,000

988,000

800,000

796,000

10 yr avg 701,000 678,000

600,000

400,000

10 yr avg 689,000

10 yr avg 331,000 312,000

200,000

0 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Source: PKF Consulting

Center City Market Mix 1997-2011 Market Totals

Year

Demand by Segment

Total Hotel Total Hotel Hotel Supply Demand Occupancy

Individual Commercial / Leisure Government

Convention & Group Breakdown

Airline Crews

Convention & Group Total

Convention PCVB GroupCenter Related Non-PCC

Hotel Group

1997

2,446,000

1,794,000

73.3%

254,000

667,000

104,000

769,000

508,000

163,000

98,000

1998

2,456,000

1,756,000

71.5%

293,000

654,000

88,000

721,000

470,000

187,000

64,000

1999

2,872,000

1,958,000

68.2%

386,000

703,000

81,000

788,000

420,000

257,000

111,000

2000

3,589,000

2,282,000

63.6%

418,000

798,000

83,000

983,000

547,000

205,000

231,000

2001

3,889,000

2,340,000

60.2%

476,000

788,000

105,000

971,000

394,000

246,000

331,000

2002

3,902,000

2,575,000

66.0%

573,000

800,000

86,000

1,116,000

574,000

259,000

283,000

2003

3,871,000

2,570,000

66.4%

675,000

834,000

76,000

985,000

406,000

257,000

322,000

2004

3,817,000

2,702,000

70.8%

687,000

887,000

94,000

1,034,000

277,000

272,000

485,000

2005

3,739,000

2,716,000

72.6%

657,000

885,000

108,000

1,068,000

315,000

290,000

463,000

2006

3,591,000

2,642,000

73.6%

671,000

824,000

98,000

1,049,000

310,000

270,000

470,000

2007

3,614,000

2,679,000

74.1%

685,000

836,000

94,000

1,064,000

336,000

235,000

493,000

2008

3,677,000

2,595,000

70.6%

714,000

786,000

97,000

998,000

316,000

236,000

446,000

2009

3,745,000

2,558,000

68.3%

736,000

780,000

107,000

936,000

284,000

205,000

447,000

2010

3,862,000

2,753,000

71.3%

815,000

872,000

114,000

953,000

179,000

222,000

552,000

2011

3,864,000

2,774,000

71.8%

796,000

879,000

109,000

990,000

312,000

207,000

471,000

Total

52,934,000

36,694,000

69.3%

8,836,000

11,993,000

1,444,000

14,425,000

5,648,000

3,511,000

5,267,000

Segment Definitions Individual Leisure: Includes leisure groups of less than 10 rooms (10+ are in “group”) Commercial Individual: Includes corporate/government groups of less than 10 rooms (10+ are in “group”) Airline Crews: Crews sold via contracts with the airlines Convention Center Related: Groups sold by the PCVB that utilize the Convention Center PCVB Group- Non PCC: Groups sold by the PCVB that do not utilize the Convention Center Hotel Group: Groups sold by hotel sales staffs

Source: PKF Consulting