Charlestowne Hotels, a hospitality company with 14 hotels under management in the Lowcountry, reported 9.3% growth in revenue for the first nine months of the year over the same period in 2011. A Charleston hotel was also recognized recently for its performance.
By Lauren Ratcliffe
Published Nov. 1, 2012
Charlestowne Hotels, a hospitality company with 14 hotels under management in the Lowcountry, reported 9.3% growth in revenue for the first nine months of the year over the same period in 2011.
The company’s revenue outpaced the national average for revenue growth in the hospitality industry by 14%, according to a report by Smith Travel Research.
Fourteen properties in the company’s portfolio recorded double-digit percentage revenue growth, with three properties exceeding 20% year-over-year growth.
“We have had a large concentration on revenue management,” said CEO Everett L. Smith Jr. “It’s generating additional revenue. It’s an art and a science, but it’s gotten very sophisticated.”
Michael Tall, president and COO of Charlestowne, said revenue management boils down to pricing and marketing strategies that maximize the revenue possible on any given room in any given property.
The King Charles Inn, one of the oldest properties in Charlestowne’s portfolio, was also recently recognized as the best performing hotel in the U.S. midscale segment at the 2012 Hotel Data Conference hosted by Smith Travel Research. The award evaluates properties based on occupancy, rates and revenue per room measures.
“We are exceptionally proud of the associates at King Charles Inn, led by general manager Maureen Sheridan, who consistently receive excellent reviews for their service and creating the loyal guests that are so important to any hotel,” Tall said. “The acknowledgement from Smith Travel Research is a testament to our success in growing room revenue and commitment to exceptional service.”
In September, the College of Charleston’s Office of Tourism Analysis reported that revenue per available room had increased 6.1% through the first nine months of 2012.