Charlestowne Hotels Records Fifth Year above Industry Growth
In January 2014, leading industry analysts forecasted RevPAR growth for the year at 5.3% (STR) and 6.6 % (PKF). While initial focus was on the significant difference of these projections, the end story was on how significantly the industry outperformed both projections, closing 2014 with a RevPAR increase of 8.3%.
And, while impressive, Charlestowne Hotels recorded RevPAR growth of 14.69%. This growth was the result of an overall growth of 3% in occupancy, paired with a 9.7% growth in ADR. A methodical, yet aggressive approach to push rate in 2014 contributed to six of the hotels reporting an increase of more than $20. Nineteen properties enjoyed double-digit RevPAR growth, with five of those achieving more than 20% growth.
As a whole, the portfolio of Charlestowne Hotels has outperformed the national average for five consecutive years. This performance is statistically significant due to the diversity of the portfolio both in product and geography.
2014: Charlestowne Hotels – 14.69 % US Industry Average – 8.30%
2013: Charlestowne Hotels – 11.70 % US Industry Average – 5.70%
2012: Charlestowne Hotels – 10.00% US Industry Average – 6.70%
2011: Charlestowne Hotels – 16.29% US Industry Average – 8.20%
2010: Charlestowne Hotels – 9.20% US Industry Average – 5.50%