Newport Beach-based hospitality management company, Twenty Four Seven Hotels, reported 2022 first-quarter results on Monday that outperformed the national average, according to officials.
In March, the company’s portfolio reached 76% occupancy compared to the national industry average of 64%. Twenty Four Seven’s average daily rate (ADR) was $174 versus the industry average of $146 and revenue per available room (RevPAR) was $132 versus $93.82.
Twenty Four Seven added seven new hotels in 2021 bringing its portfolio to 25 resorts total with more than 3,100 rooms.
“Our 2022 budgets already are being exceeded due to a significant increase in ADR across the portfolio,” Chief Executive David Wani said in a statement. “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.”
New executives added this past quarter include Executive Vice President of Operations Amanda Hawkins-Vogel, Vice President of Finance Dennis Eichen, Director of Information Technology Andre Heard, and Director of Marketing and Communications Sarah Crowe.
Twenty Four Seven opened the 125-room Cambria Hotel Calabasas and the 120-room Hilton Garden Inn Temecula in March. The company now has 18 properties in California.
