First Hospitality Publicizes 2022 Progress, Elevated Portfolio 25 %

CHICAGO—First Hospitality realized progress in 2022, growing motels below administration by 25 %. The corporate expanded into three new markets, bringing First Hospitality’s portfolio of branded and unbiased properties to over 50 motels throughout 11 states.

“One of many main elements within the progress of our portfolio final yr was the popularity from house owners of First Hospitality’s capability to outperform the competitors,” mentioned David Duncan, president and CEO of First Hospitality. Duncan reported that the corporate’s RevPAR progress elevated by roughly 50 % in 2022. As well as, First Hospitality achieved RevPAR index progress of 127 % in 2022, performing in each occupancy and common each day price with margin expansions throughout the portfolio.

With sights set on geographic enlargement and portfolio variation, First Hospitality added 9 new motels in 2022. Third-party administration additions included unbiased motels, in addition to select-service and full-service properties. A number of soft-branded way of life properties had 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 abilities and information essential to determine alternatives and drive profitability, backed by our proprietary platform leveraging real-time working data. We’re grateful for our successes in 2022 and look ahead to persevering with to construct on our tradition of caring for our company, associates, house owners, and companions on our journey collectively.”

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