Hersha Hospitality Trust (NYSE:HT) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET
Company Participants
Andrew Tamaccio - Finance Associate
Neil Shah - President, CEO & Director
Ashish Parikh - CFO, EVP & Assistant Secretary
Conference Call Participants
Aryeh Klein - BMO Capital Markets
Tyler Batory - Oppenheimer
Dori Kesten - Wells Fargo Securities
Michael Bellisario - Robert W. Baird & Co.
William Crow - Raymond James & Associates
David Katz - Jefferies
Chris Woronka - Deutsche Bank
Operator
Good morning. Thank you for attending today's Hersha Hospitality Trust First Quarter 2023 Earnings Conference Call and Webcast. My name is Alicia, and I'll be your moderator for today's call. [Operator Instructions]. I would now like to pass the conference over to your host, Andrew Tamaccio with Hersha Hospitality Trust. You may now proceed.
Andrew Tamaccio
Thank you, Alicia, and good morning to everyone joining us today. Welcome to the Hersha Hospitality Trust First Quarter 2023 Conference Call. Today's call will be based on the first quarter 2023 earnings release, which we distributed yesterday afternoon.
Before proceeding, I'd like to remind everyone that today's conference call may contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause the company's actual results, performance or financial positions to be considerably different from any future results, performance or financial positions. These factors are detailed within the company's press release as well as within the company's filings with the SEC.
With that, it's now my pleasure to turn the call over to Mr. Neil Shah, Hersha Hospitality Trust's President and Chief Executive Officer. Neil, you may begin.
Neil Shah
Thank you, Andrew, and good morning, and thank you to all of you for being with us on today's call. Joining me this morning is Ashish Parikh, our Chief Financial Officer. I will kick things off by covering the portfolio's performance in the quarter before touching on our capital allocation outlook. Ash will talk through our second quarter guidance, discuss our margin outlook and provide an update on our balance sheet.
From when we last spoke in mid-February, there has been increased volatility in the market, which has been felt by every sector but has had an outsized impact on the credit markets, banking sector and commercial real estate. We remain confident that lodging fundamentals are positive. And the current setup continues to point to a multiyear recovery ahead for our sector, while being cognizant of the possibility of continued market volatility and the potential for a more challenging economic landscape or recession in the back half of this year.