Hersha Hospitality higher after beat and raise

Q2 adjusted FFO of $34.6M or $0.17 vs. $27.3M and $0.13 one year ago. Dividend is $0.06.

On a comp basis (42 hotels), RevPAR of $165.15 is up 6.6% Y/Y, with an average daily rate (ADR) increase of 3.2% to $190.41, and occupancy growth of 274 bps to 86.7%.

Top performing market is Boston with 14% comp RevPAR growth. The West Coast and South Florida portfolios were strong as well.

The NYC portfolio (17 hotels in all 5 boroughs) reported comp (13 hotels) RevPAR growth of 6%.

Guidance: Full-year RevPAR growth of 6.5-8% vs. 5-7% previously expected. Consolidated Hotel EBITDA margin growth of 100-150 bps vs. 25-75 bps previous. Company also initiates additional guidance, with AFFO per share expected at $0.46-$0.48.

Previously: Hersha Hospitality beats by $0.01, misses on revenue

HT +2.9%

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