First Hospitality grows hotel portfolio by nearly 40% in 2023

CHICAGO – First Hospitality, a national hotel operating and development company, witnessed significant growth in 2023, increasing its hotels and restaurants under management by nearly 40%. In addition, First Hospitality continued its focus on upscale, soft brand and lifestyle properties which is now approaching 40% of its portfolio. Last year, the company entered five new markets, bringing its diverse portfolio to more than 70 independent and branded properties, with over 10,000 keys, and 3,500 world-class associates.

“The successes of First Hospitality in 2023 can be attributed directly to the exceptional talents of our associates, a strong culture, and our superior operating platform,” said David Duncan, president and CEO of First Hospitality. “The growth we have experienced has allowed us to bolster our team and strategically expand our geographic presence. As part of this growth, we welcomed new sophisticated owners to our portfolio and augmented our collection of restaurants and bars.”

First Hospitality’s expanded its business into California, Texas, Florida, and other markets throughout the southern states including a new property under development in Oklahoma, while the company continues to further grow and strengthen its footprint in the Midwest.

With a strategic segmentation shift, revenue management focused on improving profitability for owners through minimizing business through OTAs, this shift resulted in a 122% of brand.com share. Newly managed properties grew RevPAR Index YoY an average of 3.2%.

Recognized as a Great Place To Work by Fortune in 2023, First Hospitality embraces a people first culture with a turnover rate of less than 10% under the industry average.

Duncan added, “The strategic steps and actions in 2023 has positioned First Hospitality extremely well to drive strong performance for all of our ownership groups in 2024 and beyond. As we continue to grow, we will reach new communities, strengthening our bench of resources and offering more opportunities to our entire team.”

The article First Hospitality grows hotel portfolio by nearly 40% in 2023 first appeared in TravelDailyNews International.