CHICAGO—First Hospitality realized development in 2022, rising accommodations beneath administration by 25 %. The corporate expanded into three new markets, bringing First Hospitality’s portfolio of branded and unbiased properties to over 50 accommodations throughout 11 states.
“One of many main components within the development of our portfolio final yr was the popularity from homeowners of First Hospitality’s means to outperform the competitors,” stated David Duncan, president and CEO of First Hospitality. Duncan reported that the corporate’s RevPAR development elevated by roughly 50 % in 2022. As well as, First Hospitality achieved RevPAR index development of 127 % in 2022, performing in each occupancy and common each day charge with margin expansions throughout the portfolio.
With sights set on geographic enlargement and portfolio variation, First Hospitality added 9 new accommodations in 2022. Third-party administration additions included unbiased accommodations, in addition to select-service and full-service properties. A number of soft-branded life-style properties have been additionally added, in addition to eating places and bars.
“First Hospitality prospered this yr due to the expertise of our associates,” cited Duncan. “Our workforce, from the property degree to regional and company places of work, possesses the talents and information essential to establish alternatives and drive profitability, backed by our proprietary platform leveraging real-time working data. We’re grateful for our successes in 2022 and stay up for persevering with to construct on our tradition of caring for our friends, associates, homeowners, and companions on our journey collectively.”