PHILADELPHIA--(BUSINESS WIRE)--Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of upscale hotels in urban gateway markets, will host an Investor Day today from 10:00 a.m. – 2:00 p.m. at The Rittenhouse in Philadelphia, PA. The Investor Day’s presentations will be streamed live via webcast at www.hersha.com within the "Investor Relations" section.
In conjunction with Hersha’s Investor Day, the Company is providing preliminary revenue per available room (“RevPAR”) results for the third quarter ended September 30, 2014, in addition to updating its full-year 2014 RevPAR guidance.
For third quarter 2014, RevPAR at the Company's comparable hotels increased 9.4% to $161.66. The Company’s average daily rate (“ADR”) for the comparable portfolio increased 5.0% to $188.01, while occupancy increased 344 basis points to 86.0%.
For third quarter 2014, RevPAR at the Company's consolidated hotels increased 12.0% to $163.36. The Company’s ADR for the consolidated hotel portfolio increased 6.9% to $189.48, while occupancy increased 394 basis points to 86.2%.
Given Hersha’s third quarter 2014 RevPAR performance, the Company has updated its full-year 2014 RevPAR outlook. The Company’s revised outlook for 2014 is as follows:
|Previous Fiscal Year||Updated Fiscal Year|
|2014 Guidance||2014 Guidance|
|Consolidated Portfolio RevPAR Growth||6.5%||8.0%||7.5%||8.5%|
|Comparable Portfolio RevPAR Growth||5.0%||6.0%||5.5%||6.5%|
|Comparable hotels include the full portfolio less properties not opened during the full period last year or this year. Those properties are Holiday Inn Express Water Street, Hilton Garden Inn 52nd Street, and Hampton Inn Pearl Street. The following hotels are included in the comparable portfolio and include results as reported by the prior owners: Courtyard San Diego, Residence Inn Coconut Grove, Winter Haven Hotel, Blue Moon Hotel, Hotel Milo and Parrot Key Hotel & Resort.|
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company's 52 hotels totaling 8,403 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company's shares are traded on The New York Stock Exchange-Euronext under the ticker 'HT'.
Forward Looking Statement
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements may include statements related to: the Company’s 2014 outlook consolidated and comparable RevPAR growth and other assumptions underlying the Company’s 2014 outlook; the Company’s ability to outperform; the ability of newly acquired hotels to achieve stabilized or projected revenue; the ongoing recovery of the lodging industry and the markets in which the Company’s hotel properties are located, the Company’s ability to generate internal and external growth, the Company’s ability to identify and complete the acquisition of hotel properties in new markets; the Company’s ability to increase margins, including hotel EBITDA margins; and the Company’s ability to achieve its forecasted stabilization rates. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed by the Company with the Securities and Exchange Commission (“SEC”) and other documents filed by the Company with the SEC from time to time. All information provided in this press release, unless otherwise stated, is as of October 8, 2014, and the Company undertakes no duty to update this information unless required by law.