- Q2 adjusted FFO of $38.8M or $0.76 per share vs. $34.6M and $0.67 one year ago.
- RevPAR at company's 45 comparable hotels of $180.19 up 5.8% Y/Y. ADR of $205.86 up 5.2%. Occupancy of 87.5% up 48 basis points. EBITDA margins of 42.3% up 50 bps.
- The best-performing market was the West Coast, with 16.3% RevPAR growth. D.C., Boston, and South Florida portfolios RevPAR growth of 14.6%, 11.7%, and 10.2%, respectively.
- The 14-hotel Manhattan portfolio saw RevPAR slide 1.7%, ADR fall 1%, and occupancy of 94.6% down 70 basis points.
- 1.5M shares bought back during quarter for $37.6M, or average price of $25.60 each. 2M share repurchased YTD, or about 4% of the float.
- Full-year guidance: Adjusted FFO remains at $116M-$120M, but adjusted FFO per share is lifted to $2.28-$2.36 from $2.24-$2.32.
- Conference call at 9 ET
- Previously: Hersha Hospitality beats by $0.02, beats on revenue (July 28)
- HT flat premarket