|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
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