First Hospitality, a national hotel operating and development company, realized significant growth in 2022, increasing hotels under management by 25%. The company expanded into three new markets, bringing First Hospitality’s diverse portfolio of branded and independent properties to over 50 hotels across 11 states.
“One of the leading factors in the growth of our portfolio last year was the recognition from owners of First Hospitality’s ability to outperform the competition,” said David Duncan, president and CEO of First Hospitality. Duncan reported that the company’s RevPAR growth increased by roughly 50% in 2022. In addition, First Hospitality accomplished steady RevPAR index growth to 127% in 2022, outperforming in both occupancy and average daily rate with significant margin expansions across the portfolio.
With sights set on geographic expansion and continued portfolio variation, First Hospitality added nine new hotels in 2022. Third-party management additions included numerous independent hotels, as well as premium branded select and full-service properties. Several soft-branded lifestyle properties were also added, as well as vibrant restaurants and bars.
“First Hospitality prospered this year because of the talent of our associates,” cited Duncan. “Our team, from the property level to regional and corporate offices, possesses the skills and knowledge necessary to identify opportunities and drive profitability, backed by our proprietary platform leveraging real-time operating information. We are grateful for our successes in 2022 and look forward to continuing to build on our culture of caring for our guests, associates, owners, and partners on our journey together.”
First Hospitality is a nationally recognized hospitality investment, development, and management company. Founded by Stephen L. Schwartz in 1985—the company operates and owns properties throughout the United States with a portfolio of over 50 propertie…