CHARLESTON,
SC - August 9, 2011 - For the period ending June 30, 2011, the
aggregated results of properties under the management of Charlestowne
Hotels
produced an average 18% year-over–year (YOY) increase in room revenue.
The YOY
growth rate represents properties that were under management during the
same
period last year for a true comparison of performance for the first
half of the
year. New client properties that have
come under the firm’s management since January 2011 had combined
revenue
increases YOY of 22.2%.
Several properties that
recently completed their
first 12 months under Charlestowne Hotels’ management experienced an
aggregated, first year room revenue increase of 43.7% YOY. These
properties varied in size and lodging
type, and are located in three different states. Charlestowne Hotels
also began
managing a bank-owned property in South Carolina, and that property
generated
more than double its revenue for the same period one year ago.
The revenue growth experienced by the firm’s
portfolio is 140% greater than the overall US room revenue growth
forecasted by
independent analysts at PKF and Smith Travel Research. The newly
added client properties’ trailing
12 months YOY revenue growth of 43.7%, however, shows remarkable growth
that was
more than five times the forecasted improvement. Senior Vice President
Michael
Tall, a partner in the firm and the executive responsible for leading
the
revenue management and marketing teams, believes that the extraordinary
results
for the new properties is not uncommon when new properties are
basically “relaunched”
with Charlestowne Hotels’ intense combination of revenue management,
e-commerce, and marketing strategies uniquely designed and implemented
for each
client’s property.
“Our success in
growing room revenue, combined
with our commitment to quality service, are what set us apart from
other
management companies and have enabled our steady pace of growth,”
stated Mr.
Tall. “Over the past 30 months, which included some of the most
challenging
periods of the recent recession, Charlestowne Hotels added over a dozen
new
client properties – one every two months, on average.”
The firm’s strategy and the value of it as a
unique competitive advantage were recently validated by Brumby McLeod,
Ph.D. of
the Hospitality Department of the School of Business at the College of
Charleston. Dr. McLeod spent over a
month this summer observing Charlestowne Hotel’s revenue and marketing
teams.
In a letter to Mr. Tall, Dr. McCleod remarked that “The open access
afforded me
revealed the strategic approach this organization is taking to
distinguish
itself as a premier management company. The opportunity to observe each
revenue
analyst and see how they utilize various techniques to optimize revenue
for
their portfolio of properties was insightful.
The rapid pace and roll out of these campaigns created an urgency and
intensity more likely to be seen only at the property level in peak
season
rather than every day of the year at the management company level.”
Charlestowne currently works with 28 properties in six states from the
Atlantic seaboard to Wyoming
and anticipates the announcement of several additional contracts in
the second half of 2011.
ABOUT
CHARLESTOWNE HOTELS, INC.
Charlestowne
Hotels, Inc. (formerly Charlestown Management Hotels) is a full-service
hospitality management company offering innovative, yet proven,
expertise in
hotel development, operational controls, marketing and revenue
management, and
financial reporting. Founded in 1980 by Everett L. Smith Jr,
Charlestowne
Hotels has become one of the most successful firms in the hospitality
industry,
and one of the largest hotel management companies on the Southeast
coast.
The company currently works with 28 properties
which include the Andrew Pinckney Inn, Best Western King Charles Inn,
Best
Western Sweetgrass Inn, French Quarter Inn,
The Restoration on King, The
Society House, The Elliott House, The
HarbourView Inn, The Inn at Middleton Place, Holiday Inn Express
Charleston,
Holiday Inn Express and Suites Mt. Pleasant, North Charleston Inn, Shem
Creek
Inn, and the Sleep Inn - all of which are located in the Charleston, SC
area; The
Palms Hotel - Isle of Palms, SC; Surfside Beach Resort - Surfside
Beach, SC;
The Oceanfront Litchfield Inn - Pawleys Island, SC; The Phoenix,
Greenville’s
Inn - Greenville, SC; Springmaid Beach Resort - Myrtle Beach, SC; Rhett
House
Inn - Beaufort, SC; Lookaway Inn and Rosemary Inn – North Augusta, SC;
Sea
Trail Golf Resort & Convention Center - Sunset Beach, NC; Planters
Inn at
Reynolds Square - Savannah, GA; Smithfield Station - Smithfield, VA;
Cheeca
Lodge & Spa - Islamorada, Florida and Rustic Inn Creekside Resort
& Spa
and Best Western The Lodge at Jackson Hole - Jackson, WY.
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