NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Officials of Twenty Four Seven Hotels, a third-party hospitality management company for premium brand select-service and lifestyle hotels segments in the western U.S., today released the company’s first quarter results for 2022. Through the first three months of the year, the company’s portfolio consistently outperformed national industry averages as measured by STR, leading in occupancy, rate and revenue per available room (RevPAR). The company also announced that it added the 125-room Cambria Hotel Calabasas and the 120-room Hilton Garden Inn Temecula to its portfolio, expanding their foot point in key Southern California destinations, as well as grew its leadership teams at both the corporate- and property-levels.
“We continue to ride the massive wave of momentum that began for Twenty Four Seven Hotels in 2021, when our portfolio grew by 25 percent with the addition of seven new hotels now totaling 25 hotels with more than 3,100 rooms,” said David Wani, CEO, Twenty Four Seven Hotels. “We will continue to seek third-party management opportunities with well-respected partners and brands in the Western United States, expanding our concentration in these unique markets where we have firsthand experience improving bottom lines and guest satisfaction scores.”
The following chart represents the company’s 1Q results versus the national industry average:
|
Occupancy |
Average Daily Rate (ADR) |
RevPAR |
|||
January |
62.9% vs 53.3% |
$142.66 vs $135.28 |
$89.73 vs $72.15 |
|||
February |
67.8% vs 56.9% |
$160.99 vs 137.39 |
$109.10 vs $78.24 |
|||
March |
76% vs 64% |
$174.02 vs $146.61 |
$132.25 vs. $93.82 |
“Our development pipeline remains robust, with six hotel openings planned for 2022, two of which we expect to announce in the coming weeks. Our 2022 budgets already are being exceeded due to a significant increase in ADR across the portfolio. We will continue pursuing an aggressive but measured growth path as we expand our footprint with existing partners who have experienced our successes firsthand and new partners seeking similar results,” Wani said.
Cambria Hotel Calabasas
Twenty Four Seven Hotels celebrated the Cambria Hotel Calabasas opening in March on behalf of the California-based Weintraub Real Estate Group. The three-story hotel is situated at 26400 Rondell Street, adjacent to the Santa Monica Mountains and a short drive through Malibu Canyon to Malibu’s pristine beaches. Nearby attractions include Malibu Creek State Park, the Ronald Regan Presidential Library, Pepperdine University and the corporate headquarters of companies including Cheesecake Factory and Harbor Freight. Hotel amenities include an outdoor pool, open-air dining patio, onsite barista coffee bar, nearly 2,000 square feet of meeting space and a state-of-the-art fitness center.
Hilton Garden Inn Temecula
The 104-room Hilton Garden Inn Temecula opened under Twenty Four Seven Hotels management in March. Owned by Wellprofit LLC, the three-story hotel is located just off I-15 at 28210 Jefferson Ave., less than a mile from the specialty shops and restaurants in Old Town Temecula. The pet-friendly property provides an outdoor pool, EV charging stations, 24/7 fitness center, 1,368 square feet of meeting space and an outdoor patio with grills. Digital key-accessible rooms are equipped with complimentary Wi-Fi.
“The Cambria Hotel Calabasas marks our second Cambria, while the Hilton Garden Inn is our sixth Hilton branded hotel, growing our portfolio to 18 properties in California,” Wani noted. “This allows us to implement shared best practices and utilize economies of scale immediately, important steps that will allow the hotels to ramp up more quickly as they work toward becoming the market leaders in their segments.”
Executive- and Property-Level Leadership Growth
To accommodate its impressive growth, Twenty Four Seven Hotels also has added multiple executive team members at the corporate level, as well as seven general managers at the property level. The new leaders include naming Amanda Hawkins-Vogel executive vice president of operations, Dennis Eichen vice president of finance, Andre Heard director of information technology, and Sarah Crowe director of marketing and communications.
“Amanda, Dennis, Andre, and Sarah are tasked with helping Twenty Four Seven achieve its next level of growth and success,” Wani said. “As our portfolio grows, our company requires expanded talent and dedication to continue producing the industry-beating results for which we’ve become known. We maintain a laser focus on expanding the profitability of our hotels and understand that to achieve our goals, our team must grow. We consider ourselves fortunate to have these talented individuals join our team, particularly when top quality talent is in such great demand within our industry.”
About Twenty Four Seven Hotels
Twenty Four Seven Hotels is a third-party management company that delivers highly specialized services in hotel operations, investment and development. Founded in 2004, the company specializes in the premium brand select-service segment. The company partners with premium hospitality brands including Marriott, Hilton, Hyatt, IHG and Choice. Twenty Four Seven Hotel’s current portfolio includes 25 hotels in four states with approximately 3,500 rooms nationwide. For more information on Twenty Four Seven Hotels, visit www.247hotels.com.
