Newport Beach-based Twenty Four Seven Hotels has added more California-based properties to its West Coast portfolio, and now counts 20 hotels in the state.
The newest openings add almost 250 rooms to its previous room count now totaling almost 3,200 across California, Arizona, Nevada and Idaho.
The Hampton Inn & Suites Rancho Cucamonga opened in May, and four more resorts were brought online over the summer.
The latest additions are the 128-room Hyatt House Sacramento/Midtown, the 112-room Hyatt Place Newark/Silicon Valley, the 90-room Hampton Inn & Suites Marina and the 119-room Holiday Inn Express Chino Hills.
“By focusing exclusively on the West Coast, our area operational expertise is unparalleled,” Chief Executive David Wani said in a statement. “This also allows for the ability to more readily share best practices and enact economies of scale.”
The company’s total portfolio now counts 25 hotels.
The four newest hotels are expected to be fully operational by December; pre-opening services are currently being provided at each site, officials said.
Openings and Reports
Founded in 2004, Twenty Four Seven acts as a service company for hotel investors, offering asset management and development services to owners of brands such as Hilton and Marriott. Its executive team counts ties to local hospitality investor Tarsadia Hotels.
The company’s local hotels are the Dana Point Marina Inn and SpringHill Suites by Marriott Anaheim Maingate, which together count nearly 260 rooms.
“Because we are an approved operator experienced with all the major brands, it really opens the possibilities for us and our developers to choose the right branding for the right location,” Amanda Hawkins-Vogel, executive vice president of operations, told the Business Journal in May.
The 30-year hospitality veteran said more openings are on the books for the next few years.
In June, the hospitality management company reported 2022 first-quarter results that outperformed the national average.
Twenty Four Seven’s portfolio in March reached 76% occupancy compared to the national industry average of 64%.
The firm’s average daily rate (ADR) was $174 versus the industry average of $146 and revenue per available room (RevPAR) was $132 versus $93.82.
“Our 2022 budgets already are being exceeded due to a significant increase in ADR across the portfolio,” Wani said.
“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.”
