Charlestowne Hotels Reports Continued Increase in Revenue Outpacing U.S. Average by 14%
Charlestowne Hotels’ King Charles Inn Awarded Best Performing Hotel in the U.S. Midscale Segment by Smith Travel Research
CHARLESTON, SC (October 24, 2012) – Charlestowne Hotels, a full-service hospitality management company offering a diverse portfolio comprised of more than 30 properties, today announced its year to date results, reporting an increase of year-over-year (YOY) revenue of 9.3%. According to a report from Smith Travel Research (STR), Charlestowne Hotels surpassed the U.S. average revenue growth by a margin of 14%.
Accompanying this increase in revenue, one of the oldest properties in Charlestowne’s management portofilio, King Charles Inn, was recently recognized as the Best Performing Hotel in the U.S. Midscale Segment. One of seven hotels recognized nationally at the 2012 Hotel Data Conference hosted by STR, King Charles Inn was among 4,645 properties in the midscale segment eligible for recognition. The annual travel award evaluates properties based on reported occupancy, average daily rate (ADR) and revenue per available room (RevPAR) performance against their respective segments.
“We are exceptionally proud of the associates at King Charles Inn, led by General Manager Maureen Sheridan, who consistently receive excellent reviews for their service and creating the loyal guests that are so important to any hotel,” said Michael Tall, President and COO of Charlestowne Hotels. “The acknowledgement from Smith Travel Research is a testament to our success in growing room revenue and commitment to exceptional service. We believe our ability to leverage innovative techniques and current technologies, and remain ahead of the travel industry’s trends, has enabled us to maintain our continued level of success.”
Record success has been reported in fourteen properties within Charlestowne’s portfolio for double-digit percentage revenue growth, including three properties that exceeded 20% in YOY revenue growth. Several properties, which were recent additions to Charlestowne Hotels’ portfolio, were excluded from the YOY comparison. These properties managed to show average revenue increase of 21%, more than double the U.S. YOY average.
Recognition from organizations such as STR, widely known as the leader in providing hotel performance data, highlights Charlestowne Hotels’ flourishing position as a frontrunner in hospitality property management.
ABOUT SMITH TRAVEL RESEARCH (STR)
Founded in 1985 as an independent research firm, Smith Travel Research is the recognized leader in providing accurate, actionable information and analysis to the lodging industry. STR provides information and analysis to all major U.S. hotel chains. Individual hotels, management companies, appraisers, consultants, investors, lenders and other lodging industry analysts also rely on STR data for the accuracy they require. With the most comprehensive database of hotel performance information ever compiled, STR has developed a variety of products and services to meet the needs of industry leaders.
ABOUT CHARLESTOWNE HOTELS, INC.
Charlestowne Hotels is a full-service hospitality management company offering innovative, yet proven, expertise in hotel management. Founded in 1980 by CEO Everett L. Smith, Jr., Charlestowne Hotels has become one of the top ranked hotel management companies in the US. The firm is a “Top 100” ranked hotel management company by the industry’s four leading trade journals, as determined by a combination of properties, rooms, and revenue under management.
Charlestowne’s proficiency in managing a diverse portfolio of properties, including AAA Four Diamond Hotels, luxury boutique inns, resorts, condo hotels, and branded properites, has led to numerous industry accolades including Condè Nast Magazine “Gold List” and “Top 100 Hotels in the United States” awards, TripAdvisor’s #1 Luxury Hotel in the United States award, Expedia’s “Top 10 Four Star Hotels in the US” award, as well as other national media and AAA honors.
Charlestowne Hotel’s portfolio includes the Andrew Pinckney Inn, Best Western King Charles Inn, Best Western Sweetgrass Inn, French Quarter Inn, The Elliott House Inn, The Society House, The HarbourView Inn, Zero George Street, The Inn at Middleton Place, Holiday Inn Express Charleston, Holiday Inn Express and Suites Mt. Pleasant, Holiday Inn Express Charleston Downtown Riverview, North Charleston Inn, Shem Creek Inn, and the Sleep Inn – all of which are located in the Charleston, SC area; The Palms Hotel – Isle of Palms, SC; Surfside Beach Resort – Surfside Beach, SC; The Oceanfront Litchfield Inn – Pawleys Island, SC; Springmaid Beach Resort – Myrtle Beach, SC; Sea Trail Golf Resort & Convention Center – Sunset Beach, NC; Planters Inn at Reynolds Square – Savannah, GA; Glenstone Lodge – Gatlinburg, TN; Runaway Beach Club – Kissimmee, Florida; Rustic Inn Creekside Resort & Spa and The Lodge at Jackson Hole – Jackson, WY and currently under development, The Blackburn Inn and Spa, Staunton, VA.