GREENBELT, Md., November 27, 2012 – Chesapeake Hospitality, one of the country’s fastest growing third-party hotel management companies, announced today robust third quarter results across their entire portfolio. Kim Sims, president of Chesapeake Hospitality, made the announcement.
The revenue growth demonstrated by Chesapeake Hospitality was driven by strong occupancy and average daily rates (ADR) increases across the portfolio. According to data released by Smith Travel Research, Chesapeake Hospitality’s revenue per available room (RevPAR) increased by 13 percent, far exceeding the average U.S. hotel market growth of 5.1 percent, resulting in a net RevPAR share gain of 5.7% against the company’s competitive market set.”
“Chesapeake’s proprietary forecasting systems and industry leading sales processes allow for surgical attacks to segmented travel production channels, resulting in significant accretive gains in the market share,” commented Clifford Ferrara, Vice President of Sales and Revenue Management.
“The result of this exceptional top-line performance drove unit level operating profits up 20.6% for the corresponding quarter, adding to an already robust year of performance.”
“We experienced a tremendous period of impressive growth during the third quarter 2012, where we outpaced our competitors and the national average in several key areas of hotel performance,” said Sims. “As the economy continues to recover, bringing slight increases in business and leisure travel, we continue to place our focus on what we can control and deliver to guests in any economic climate—positive customer interactions and unforgettable travel experiences that will keep guests returning to our properties and rating them above competitors.”
Headquartered in Greenbelt, Md., just outside of Washington, D.C., Chesapeake Hospitality is a mid-sized, third-party hotel management company with a proven track record in both full- and select-service hotels. Ranked in the top 50 largest independent operators, the company manages properties under the Hilton, Starwood and InterContinental Hotel Group brand families. For additional information, visit the company’s website: www.chesapeakehospitality.com.