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August 20, 2016

Philadelphia hospitality industry raking in nearly $500M this summer

Philadelphia has hosted numerous events this summer and the local hospitality industry has reaped the benefits.

According to the Philadelphia Convention & Visitors Bureau (PHLCVB), the city will generate nearly $500 million in economic impact this season.

The Democratic National Convention accounted for a significant portion of that revenue, but eight citywide conventions and two major sporting events also contributed to the "blockbuster summer," PHLCVB said.

During the week of the DNC, hotel occupancy was 97.6 percent in the city, a 10.3 percent increased over the same period last year. A total of $22.9 million in revenue was brought in by Center City hotels during the DNC.

“There is a great deal of optimism within the hotel community as result of what has been an extremely productive summer for our industry,” said Greg Stafford, Greater Philadelphia Hotel Association president. “Our hotels and employees do well when our partners work together to bring conventions and large events to the city, so we’re thrilled that not only was the DNC here but that our summer event calendar has been incredibly solid.”

The renewed ability to lure events back to the Pennsylvania Convention Center put this summer over the top. Chairman of the Pennsylvania Convention Center Authority Gregory J. Fox called it a "banner summer."

“We teamed with our partners to showcase American political history, chemical and medical advances, and the bicentennial of a historic African American church founded here," Fox said. "We are a proud supporter of the 68,000 hospitality jobs in our region.”

The Convention Center, which served as the venue for DNC caucus meetings and daily press briefings, has hosted five events so far:

• The Drug Information Association ($21.7 million)
• The AME Church Bicentennial ($21.2 million)
• The American Podiatric Medical Association ($7.8 million)
• The AVID Summer Institute ($8.2 million)
• The American Association for Clinical Chemistry ($39.8 million)

Later this summer, three more conventions are projected to add another $93.5 million in economic impact.

The 2016 Copa America Centenario, which played three games in the city, was credited with injecting $41 million into the city in June.

Local businesses also reported increased activity during the summer, the PHLCVB said.