Chesapeake Hospitality Experiences Strong Gains in 2012, Looks Forward to Continued Growth in 2013
By: Chris Austin
Company doubles its hotels under management portfolio in two years
GREENBELT, Md., February 12, 2013 – Greenbelt, Md.-based Chesapeake Hospitality, one of the country’s fastest growing third-party hotel management companies, announced today that the company experienced strong gains in 2012, finishing the year with 30 percent growth up from 2011. Kim Sims, president of Chesapeake Hospitality, made the announcement.
Chesapeake experienced a same hotel year over year room sales increase of 8.3 percent for their portfolio last year, compared to a total U.S. industry increase of 6.8 percent (reference: Smith Travel Research).
The company’s notable growth in 2012 builds on an incredibly successful 2011 in which the company experienced a 40 percent growth rate. During the past two years, Chesapeake has doubled in size by expanding its hotels under management portfolio from 11 properties in 2011 to 21 properties today—notably adding the Crowne Plaza Oklahoma City and Crowne Plaza Wilmington North in Wilmington, Del., during 2012. Most recently, the company added a Country Inn and Suites in Wilmington, Del., to its portfolio in January 2013. Chesapeake expects to continue its strong growth trajectory.
“At Chesapeake Hospitality, we are laser focused on delivering strong financial results that impact the bottom line, which has been a driving force behind our recent growth,” said Sims. “We look forward to expanding our diverse portfolio with strategic, unique and challenging management opportunities, while providing exceptional service and results for our clients.”
Chesapeake Hospitality has successfully operated numerous hotels under various national and international brands, including Hilton, Starwood and InterContinental Hotel Group. Top 2012 performers under Chesapeake’s management include the Doubletree by Hilton Raleigh Downtown, the Crowne Plaza Hollywood Beach Resort, the Hilton Philadelphia Airport and Hilton Savannah Desoto in Georgia.
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.