Magnuson Hotels reports occupancy, revenue growth

Magnuson Hotels Worldwide reported year on year revenue growth of 65 percent across the Magnuson branded portfolio. The company also reported a 61-percent increase in occupancy and an 8-percent increase in average daily rate.

In addition, Magnuson Hotels saw increases in RevPar, up 74 percent over a 12-month period.

The branded portfolio includes three brands; Magnuson Grand Hotels, Magnuson Hotels and M Star Hotels, serving the upper midscale, midscale and economy segments respectively.

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Thomas Magnuson, CEO, cited lower gas prices combined with an increased consumer awareness of Magnuson Hotels' three brands as the reason for the success.

“Despite the IMF stating global outlook should be cooling in 2015 and into 2016, the US market still has many factors that are driving record occupancy and rate growth. These include pent-up demand, low gas prices, increased bank lending, low unemployment, and a robust housing market. We are optimistic for the remainder of 2015,” Magnuson said.

During this time period additions to the Magnuson portfolio included the Magnuson Hotel Historic St. Augustine, Magnuson Hotel Burleson, Magnuson Hotel Howell and Magnuson Hotel Ocean Springs. These properties are located in Florida, Texas, Michigan and Mississippi respectively.

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For the week of Sept. 6-12, occupancy reached 48.5 percent, down 1.6 percent from the previous week.