St. Gregory Hotel

Hersha Hospitality Trust Announces Second Quarter 2023 Results

Retrieved on: 
Wednesday, August 2, 2023
External commercial borrowing, RevPAR, Partnership, Travel, ADR, SOFR, GAAP, Sale, Gregory Horror Show, FFO, Hilton Garden Inn Kampala, Westin Hotels & Resorts, Growth, Average daily rate, St. Gregory Hotel, Bookkeeping, Security (finance), Video game, Tourism, EBITDA

Net income applicable to common shareholders was approximately $1.7 million, or $0.04 per diluted common share, in the second quarter 2023, compared to net income applicable to common shareholders of approximately $2.4 million, or $0.06 per diluted common share, in the second quarter 2022.

Key Points: 
  • Net income applicable to common shareholders was approximately $1.7 million, or $0.04 per diluted common share, in the second quarter 2023, compared to net income applicable to common shareholders of approximately $2.4 million, or $0.06 per diluted common share, in the second quarter 2022.
  • Our core urban markets generated $22.5 million of EBITDA in the second quarter, 67% of our portfolio’s production, up from 18% in the first quarter.
  • In Philadelphia, the Westin generated $2.6 million in EBITDA, the second highest in the portfolio for the second quarter despite the impact of renovation activity during the quarter.
  • The Company also paid a cash dividend of $0.05 per common share and per limited partnership unit for the second quarter ended June 30, 2023.