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Market Report

Philadelphia Hospitality Market Report

2024 Investment Forecast

Philadelphia Recognized as a Top 2024 Travel
City Globally, Enticing Tourists and Investors

Business and leisure travel pair to boost overnight stays. Occupancy in Philadelphia will jump by a nationally-high margin this year, as the metric nears 2019’s record level. This comes as the metro receives recognition from Lonely Planet as the fifth “Best in Travel” city in the world for 2024, highlighting the draw of local museums and Philadelphia’s thriving restaurant scene. WWE’s WrestleMania 40 is also expected to bring over 200,000 attendees as it takes place in town for the first time since 1999. Further aiding occupancy, development is limited this year. Fewer new options direct increasing room demand to existing hotels in 2024. However, there are nearly 2,500 rooms underway or in the proposal stage slated to deliver before the 2026 FIFA World Cup. As one of the host cities, Philadelphia is preparing for an influx of overnight stays for the global event. Renewing business travel is also boosting occupancy throughout the year, particularly in full-service hotels. While the chain scale has not fully recovered from pandemic disruptions, average occupancy in 2024 will be the highest among classes at 69.3 percent, up 660 basis points year-over-year.
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