Delaware County outdid itself, as well as the other counties in the region, in hotel performance last year, writes Kenneth Hilario for the Philadelphia Business Journal.
Occupancy, average daily rate, and revenue per room in local hotels reached new heights, according to data from analytics firm STR. This gave hoteliers the flexibility to increase their prices and boost their bottom line.
Hotel demand in Delaware County grew by close to 11 percent year over year, which outpaced the growth in supply by 6.6 percent. This was also the highest increase among the five counties.
Occupancy increased from 64.7 percent in 2017 to 67.3 percent last year. This helped increase revenue per room from $68.13 to $74.32 and raised the average daily rate from $105.27 to $110.49.
The excellent performance in these categories led to an overall increase in hotel revenue of 16.3 percent. This means that the 35 hotels in Delaware County earned more than $102.1 million in revenue in 2018.
Last year was not only good for Delaware County but for all five of the counties in the region. They all reported year-over-year increases in overall hotel performance.
Read more about Delco’s hotel performance in 2018 in the Philadelphia Business Journal by clicking here.