Hersha Hospitality Trust (NYSE:HT) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET

Company Participants

Andrew Tamaccio – Investor Relations

Neil H. Shah – President and Chief Executive Officer

Ashish Parikh – Chief Financial Officer

Conference Call Participants

Bryan Maher – B. Riley Securities

Chris Woronka – Deutsche Bank

Tyler Batory – Oppenheimer

Anthony Powell – Barclays

Operator

Good morning and a warm welcome to the Hersha Hospitality Trust Fourth Quarter 2022 Earnings Conference Call and Webcast. My name is Candis, and I will be your operator for today's call. All lines have been placed on mute during the presentation portion of the call with an opportunity for question-and-answer at the end. [Operator Instructions]

I would now like to hand the conference over to your host Andrew Tamaccio from Investor Relations. The floor is yours. Please go ahead.

Andrew Tamaccio

Thank you, Candis, and good morning to everyone joining us today. Welcome to the Hersha Hospitality Trust fourth quarter 2022 conference call. Today's call will be based on the fourth quarter 2022 earnings release, which was 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 is now my pleasure to turn the call over to Mr. Neil H. Shah, Hersha Hospitality Trust's President and Chief Executive Officer. Neil, you may begin.

Neil H. Shah

Good morning and thank you for being with us on today's call. Joining me this morning are Ashish Parikh, our Chief Financial Officer; and our Executive Chairman, Jay Shah. I'll begin with our results in the quarter and a quick recap of our strategic accomplishments in 2022 before touching on our capital allocation outlook for the year and discussing our view of the portfolio going forward. Ash will take a deeper look at our first quarter guidance, talk through the balance sheet and discuss our margin outlook. When we last spoke in late October, despite economic uncertainty and market volatility, our positive outlook was driven by performance on the ground, signaling a pickup in travel within the core urban markets, as well as a continuation of demand for differentiated high-end leisure offerings and these trends continued throughout the fourth quarter. Our comparable hotel portfolio generated 71.2% occupancy and an ADR of $311.86, resulting in RevPAR of $222.10 for the fourth quarter of 2022.