Philly hotels see influx of business travelers
June 21, 2010 Hotel managers in Philadelphia's Center City say the turnaround
in corporate travel has been faster and more robust than they
expected. Occupancy and revenue per available room were up 8.3
percent and 5.8 percent, respectively, in May.
Paul Schwartz, general manager of the Sheraton Philadelphia City
Center Hotel, says the lobby after 5 p.m. is "teeming with
corporate types after they get out of meetings." He says the hotel
is booked solid three days in the middle of this week due largely
to business travelers, and they are all short-term bookings - which
he called "unheard of."
Mark Zandi, chief economist of Moody's Economy.com in West
Chester, says travel is one of the first things businesses cut in
recessions. He says it's also one of the first things they resume
in economic recoveries.
