AHIP Hip On Florida Hotel Portfolio
Not all hoteliers are poo-pooing Florida's hospitality market. American Hotel Income Properties REIT CEO Rob O'Neill has a positive outlook on the market, as the company reports a 6.7% RevPAR growth over the last quarter, helped by Florida as well as Virginia and North Carolina. Specifically, RevPAR in the REIT's Florida branded hotels jumped 12%, Rob recently told stock analysts on a call.
AHIP owns five hotels in Florida—all flagged by Marriott—for a total of some 500 keys, including Fairfield Inn, Residence Inn and Courtyard by Marriott (here), all in Ocala. Occupancies at these hotels, as well as those in AHIP's portfolio in VA and NC, jumped nearly 5% to 73.3%, Rob reports. On the other hand, we recently highlighted Morgan Hotels Group's nearly 10% drop in RevPAR at its Delano South Beach luxury hotel.