|By PR Newswire||
|August 6, 2014 10:30 AM EDT||
GREENBELT, Md., Aug. 6, 2014 /PRNewswire/ -- Chesapeake Hospitality today released operating results for the first half of 2014. Kim Sims, company president, commented, "I am especially pleased at the overall performance of our portfolio which consists of a blend of hotels in top 25, secondary and tertiary markets. Our senior management team is completely and consistently engaged in delivering exceptional returns for all of our clients."
- Chesapeake Hospitality same property EBITDA growth increased 13.3 percent over 2013.
- Total portfolio RevPAR growth was 6.4 percent.
- NOI* flow through at same store hotels was 62.3 percent.
- Margins increased 190 basis points compared to 2013.
- Six new management contracts were added totaling 1020 rooms.
"You can't achieve these percentages without strong revenue management practices and effective expense controls," added Sims. "We are delighted that we have been able to maintain our strong performance metrics with a plan that is both strategic and measurable. It is imperative that as we grow, we maintain our high level of support to the field in order to continue delivering outstanding results."
The company's core operating models, proprietary forecasting system, global purchasing system, expense management and strong revenue management fundamentals have combined to provide Chesapeake Hospitality management clients with 62.3 percent positive flow through for every dollar of new revenue earned – far outpacing chain scale flow through averages for upper-upscale (48.4 percent*) and upper-midscale properties (38.5 percent *), which is the majority of the company portfolio.
The six new management contracts added year-to-date include historic assets and several deep-turn projects that involve re-branding; they are comprised of the following:
- Georgian Terrace Hotel – an iconic property nicknamed the "Grand Dame of Atlanta."
- Indigo Baltimore – conversion from the historic Mount Vernon hotel.
- Holiday Inn Milwaukee River – conversion from the Milwaukee River Inn.
- Holiday Inn Bensalem/PA – conversion from the InnPlace Bensalem.
- Homewood Suites Houston-Kingwood.
- Holiday Inn Frederick Conference Center – renovation and new construction in Frederick, MD.
The lodging industry forecast for the remainder of the year projects continued growth with demand far outpacing new room supply—booking trends are positive. Based on robust transient demand across all channels and segments, including improved weekend bookings and substantial growth in leisure average daily rates, Chesapeake Hospitality management is predicting healthy RevPAR increases with noticeably improved profits for hotel ownership.
*Data provided by PKF-HR Trends in the Hotel Industry report 2013. NOI is defined as income before deductions for capital reserves, rent, interest, income taxes, depreciation and amortization.
Chesapeake Hospitality is a mid-sized, third party hotel management company with a proven track record of successful, award-winning operations of full-service hotels. Chesapeake's specialized experience with deep turn around properties and industry leading strategies for profitable F&B operations has positioned the company as a fast growing third party manager recognized for results. Ranked in the top 50 largest independent operators, the company manages hotels under the Hilton, Starwood, Wyndham, Choice and InterContinental Hotels Group brand families as well as independent properties. For additional information visit the company's website: www.chesapeakehospitality.com
SOURCE Chesapeake Hospitality
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 19, 2017 11:45 AM EST Reads: 930
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 19, 2017 11:30 AM EST Reads: 735
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 19, 2017 11:30 AM EST Reads: 821
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Feb. 19, 2017 11:15 AM EST Reads: 1,573
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 19, 2017 11:15 AM EST Reads: 1,633
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
Feb. 19, 2017 11:00 AM EST Reads: 1,533
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 19, 2017 11:00 AM EST Reads: 2,882
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
Feb. 19, 2017 10:45 AM EST Reads: 7,620
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 19, 2017 10:45 AM EST Reads: 765
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Feb. 19, 2017 10:30 AM EST Reads: 6,512
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 19, 2017 10:00 AM EST Reads: 853
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Feb. 19, 2017 10:00 AM EST Reads: 5,685
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Feb. 19, 2017 09:45 AM EST Reads: 1,141
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
Feb. 19, 2017 09:45 AM EST Reads: 731
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 19, 2017 09:15 AM EST Reads: 5,032