Phoenix’s booming hospitality sector is poised for another win as it hosts the Super Bowl between the Philadelphia Eagles y los Kansas City Chiefs this Sunday.
Phoenix is one of the few US hotel markets to fully recover from its pandemic slump, and it should get another boost as it hosts the biggest sporting event in the nation this weekend, they wrote in a note. Wells Fargo & Co. economists led by Charlie Dougherty on Wednesday. . By the end of the year, the city’s hotel occupancy rates and employment in its leisure and hospitality sector were above 2019 levels, they added.
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In addition to being home to four professional sports franchises, the economists noted that the Phoenix metropolitan area is also home to major college football and golf championships, as well as NASCAR races. “Sports are a key factor in the metro’s strong leisure and hospitality sector, which attracts millions of visitors each year,” they wrote.
“Hosting the Super Bowl will be another boon for the Phoenix hotel market, especially considering that the previous record for daily revenue per room was set in 2015 when the city hosted Super Bowl XLIX,” the economists said.
Phoenix emerged as a symbol of growth in the pandemic era, becoming home to one of the fastest growing populations and real estate markets in the country, attracting semiconductor and other manufacturing plants as well as workers. remotes looking for a sunny destination.
But desert rush also made the Arizona capital a hotbed of inflation for much of the pandemic, with prices rising nearly double those in New York and San Francisco.
Wells Fargo also predicted that the Eagles would take home this year’s championship, winning 30-27 in a “closely contested” game.
