Hersha Hospitality Trust (NYSE:HT) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET
Company Participants
Andrew Tamaccio - Finance Associate
Neil Shah - President & COO
Ashish Parikh - CFO & Assistant Secretary
Conference Call Participants
Michael Bellisario - Robert W. Baird & Co.
Dori Kesten - Wells Fargo Securities
Aryeh Klein - BMO Capital Markets
Bryan Maher - B. Riley Securities
William Crow - Raymond James & Associates
Chris Woronka - Deutsche Bank
Jonathan Jenkins - Oppenheimer
Anthony Powell - Barclays Bank
Operator
Welcome to today's Hersha Hospitality Trust Third Quarter 2022 Earnings Conference Call and Webcast. My name is Jordan, and I'll be coordinating your call today. [Operator Instructions]. I'm now going to hand over to Andrew Tamaccio to begin. Andrew, please go ahead.
Andrew Tamaccio
Thank you, Jordan, and good morning to everyone joining us today. Welcome to the Hersha Hospitality Trust Third Quarter 2022 Conference Call. Today's call will be based on the third quarter 2022 earnings release, which was distributed yesterday evening.
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 Operating Officer. Neil, you may begin.
Neil Shah
Thank you, Andrew, and good morning to everyone. Joining me this morning are Jay H. Shah, our Chief Executive Officer; and Ashish Parikh, our Chief Financial Officer.
As you've seen or read, we have had an extremely active and productive third quarter on the operations, transactions and refinancing fronts. And we've been looking forward to update you on our meaningful progress and provide our outlook for the remainder of the year for our refined portfolio.
We are clearly experiencing a robust recovery in demand in our urban portfolio as mid-week occupancy build month-over-month in each of our gateway markets. Pricing power remains impressive in our resort and leisure-oriented markets.
For the quarter, our hotels were 72% occupied at a rate of $289.75. Our comparable portfolio RevPAR growth of 3.7% in September surpassed the comparable month of 2019 driven by 16.5% ADR growth to 2019. And we are seeing this trend accelerate into October with increased business transient demand as we are on pace to record RevPAR growth of approximately 8% compared to 2019 driven by 20% ADR growth to 2019. In October, we're trending towards a $326 ADR.