Looking for a place to stay for a night or more? Your ideal location might just be the hotels in Wilmington. According to the analytics firm STR, Wilmington hotels are having a stellar 2019 so far and is currently outpacing the industry in the Philadelphia and South Jersey.
Demand for Wilmington’s market this year grew 8.9 percent and has done so year over year The demand for hotels has outpaced supply since at least 2014. “Both the Philadelphia metro and Wilmington hotel performance figures are driven by anomalous year-over-year factors,” said David B. Pollin, co-founder, and president of the Buccini/Pollin Group.
What may be a factor in this is the current developmental boom in Wilmington.
“Wilmington fundamentals are solid, with demand from legal activity at chancery court returning to traditional levels from a poor 2018,” Pollin said. “There is a significant amount of demand from consulting firms related to the Dow DuPont merger, but that will wind down in 2019.”
“With three hotel projects either under construction or announced, we are cautious about the medium-term outlook,” he said. “Residential unit growth, hiring downtown by M&T and others, transportation improvements, the new 76’ers Fieldhouse and home of the Blue Coats, and new amenities are creating a more dynamic environment.”
Summarised from the article, Wilmington hotels are heating up, as more rooms go unfilled in Philly & S. Jersey from Philadelphia Business Journal.