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Eastern US convention market has its ups and downs
There may be a glut of hotel rooms in Boston while another large Eastern US market, Baltimore, may be having trouble attracting group travel because of its limited amount rooms.
By the end of 2008, another 2,421 hotel rooms or a 16% increase is expected.
“I think it’s a tsunami of a supply,” said Rick Kelleher, president and ECO of Pyramid Advisors.
Hotels in Boston reported a 74.3% occupancy rate for 2005, according to Smith Travel Research. That was only slightly more than the previous year.
Many of the new hotels are in the higher end bracket of $225 a night and higher. Developers say higher rates are required because of rising real estate and construction costs.
In Baltimore, the low inventory of hotel rooms is hurting the convention business, says a report from the Baltimore Area Convention and Visitors Bureau.
The group cited low hotel inventory as being the major reason the area lost 53 groups to other cities.
The average daily room rate in Baltimore grew 4% in 2005, says Smith Travel Research.
The city’s convention business is expected to pick up in the future in part because of a new convention headquarters hotel set for completion in two years.
The area’s convention business continues to be highly competitive with the Philadelphia Convention Center expanding its 440,000 square foot building by 60%.
In nearby Washington, Gaylord Hotels is building a 400,000 square foot National Resort & Convention Center.
Report by David Wilkening
David
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