News for the Hospitality Executive
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.
Visit www.CharlestowneHotels.com for more information.
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