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Alta Management Services Inc. announced it has been retained as the management company of a new organization, Philadelphia Hospitality Investment Levy, or PHiL.
The new organization will entice conventions and large-scale events to Philadelphia, which will be funded by an assessment on hotel room nights in Philadelphia. The new fund was conceived by the Greater Philadelphia Hotel Association, an Alta client, and was created through legislation drafted by Alta and the City of Philadelphia.
Once the legislation was passed, Alta filed the 501c(6) application and hired new staff. The revenue from the assessment will be an estimated $5.3 million annually which will be awarded to large events and conventions. The purpose of the fund is to keep Philadelphia competitive with other destinations and sell more hotel rooms.
Joshua Rueckheim, a ten-year veteran of the Marriott Corporation will serve as the Finance Director of the fund. He will be charged with providing a forecast of the proceeds of the fund and ensure that the awards will provide an 8 to 1 incremental return on investment to Philadelphia hotels.