As Summer 2015 comes to a close we take a look at another Portfolio project success story.
Beginning with a tired and dingy 100-room property in a great location on the Galveston Texas Gulf Coast, a local entrepreneur known for his very successful restaurant and bar concepts turned his ambitions to his first hotel. Teaming with a strong Hilton franchisee to operate the property they turned to Portfolio for Hospitality for concept and design of the repositioned Doubletree Galveston Beach Hotel. The result is a hip, upscale beach-chic hotel filling a void in the Gulf Coast market.
Completed just in time for the 2015 season, it was a great opportunity for follow-up on the metrics of what really counts, the business side of the equation:
Highest Season Rate is up by almost 50% to a post-conversion rate of upper $500.
Average Daily Rate is up 15% versus the comp set at 0.3%.
RevPar has increased 27% versus the comp set at 5%.
Trip Advisor ranking vaulted to #6 of 50 hotels in the market in just its first four months of operation.
Real Estate value increase of 65% (apart from the business valuation).
This project is another example of what can be accomplished with the right team!
See more photos of the Doubletree Galveston Beach here.