Sage Announces 1Q Results
APRIL 29, 2009 - Denver-based Sage Hospitality, a privately-held hospitality management company, has released performance results for the first quarter of 2009 that exceeded expectations and illustrate Sage's strength against the competition. For the quarter ending March 31, 2009 Sage reports that 75% of its 50 hotels gained market share.
These results are reported against current Smith Travel Research data which showed 98% of the company's competitive sets saw declines at a combined rate of -18.3% year-over-year through the first quarter. In spite of these severe industry declines, 31% of Sage's hotels showed year-over-year revenue growth and brought 64% of incremental revenue to the bottom line.
"Our ability to establish and grow market share in this tough economy has exceeded our expectations and in some instances is breaking company records," said Walter Isenberg, President and CEO of Sage Hospitality. "While we normally do not release performance results, we felt the performance of our 6,000 associates was compelling and newsworthy."
In addition, Sage reports that first quarter revenue at Sage Restaurant Group is up year-over-year and that the 2 new restaurants that have opened in the last 6 months are surpassing budget expectations set in 2008. Sage restaurants and F&B operations add value and increase market share for the hotels by driving incremental revenues and profit.
"While driving revenue in a down market is critical, containing costs is the second half of the equation," Isenberg added. "We have worked to manage costs without sacrificing guest service and engaged every associate to see their role in sales. As a result, we have 31% of our hotels achieving higher revenues year-over-year demonstrating that even in a down market great leadership can produce great results."
Sage credits these strong first quarter results to innovative sales and marketing programs and aggressive revenue management. In addition, the company is known for its strong culture, which is driven by a passion to positively impact guests, associates, owners and the communities in which is operates.
About Sage Hospitality
Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel management and development companies in the nation operating a variety of large, full-service hotels and a number of extended stay and select-service properties. Sage Hospitality's comprehensive management portfolio includes major international brands for Marriott, Starwood, Hilton and IHG as well as the independent boutique hotels the Oxford and the Curtis in Denver. Sage Hospitality has further differentiated with the creation of the Sage Restaurant Group, which has created and is managing 6 unique restaurant concepts including the award winning Mercat a la Planxa in Chicago. For more information, please visit www.sagehospitality.com
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