CHICAGO—First Hospitality realized growth in 2022, increasing hotels under management by 25 percent. The company expanded into three new markets, bringing First Hospitality’s 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 percent in 2022. In addition, First Hospitality accomplished RevPAR index growth of 127 percent in 2022, performing in both occupancy and average daily rate with margin expansions across the portfolio.
With sights set on geographic expansion and portfolio variation, First Hospitality added nine new hotels in 2022. Third-party management additions included independent hotels, as well as select-service and full-service properties. Several soft-branded lifestyle properties were also added, as well as 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.”