David Duncan, president/CEO of First Hospitality, is one of those leaders who credits the success of the company he leads to its people. Under his direction, the firm has grown to a portfolio of more than 50 hotels and launched a proprietary business intelligence platform. Hotel Business caught up with Duncan to talk about his career and all things First Hospitality.
—Adam Perkowsky
Have you always been interested in hospitality?
I came to hospitality in a less traditional way. My early career was quant-focused, working in consulting and investment roles, including time with GE Capital, where I concentrated on capital allocation and long-term value creation. When I discovered hospitality, I felt fortunate. It combines disciplined investment thinking with real human impact; building careers, shaping neighborhoods and creating places where people gather. That intersection is what drew me in and why I’ve stayed.
What was your first job related to hotels, and what did you learn from it?
My first exposure to hotels was from the ownership and investment side. I was underwriting deals and evaluating long-term performance, but I quickly learned that operational execution drives value, much more so than in most other asset classes. Brand selection, restaurant concepts and guest experience decisions materially influence returns. When those choices are right, they create outsized value; when they’re not, performance suffers. Hospitality may involve real estate, but at its core, it’s an operating business.
How did your previous roles during your career journey help you become the leader you are today?
Consulting taught me how to bring order to chaos. Quant-focused investing sharpened my instincts around risk and long-term value creation. Operating experience in hotels reinforced how much operational alpha truly drives performance. Over time, I’ve come to believe that most challenges are ultimately human ones. Analysis matters, but progress depends on understanding perspectives, building alignment and earning buy-in.
You’ve now been with the company for nearly eight years. What do you feel have been your biggest accomplishments?
Scaling the company has been rewarding, but I’m most proud of the strength and quality of our team. We’ve built a more sophisticated operating platform and deepened our capabilities across the organization. We’ve also strengthened our industry relationships with owners, brands and partners, positioning us well for continued success
First Analytics, your company’s business intelligence platform, launched in late 2024. How has it helped your hotels run more efficiently and drive performance?
We’ve built what I believe is the best tool available in our space. But the real advantage isn’t the technology, it’s how our team uses it. Operational alpha comes from leveraging data to improve results across the metrics that matter most. The platform provides clarity and speed; our operators turn that insight into performance.
How many hotels are in the First Hospitality portfolio? What’s in the pipeline?
Over the past year, we made a deliberate decision to sell several assets and recycle capital, which has brought us to the mid-50s in terms of hotels in our portfolio. The sales were part of a broader capital strategy, allowing us to redeploy and focus on new opportunities. We have the strongest pipeline in our history, driven by the consistent work of our team and the depth of relationships we’ve built with owners, brands and partners. I’m grateful for the effort that has positioned us this way, and we’re well-positioned for the next 12 to 24 months.
Can you tell us about First Hospitality’s new restaurant and bar vertical?
As we all know, the guest experience in restaurants and bars across portfolios like ours has a significant impact on overall satisfaction. The ability to deliver great experiences while also producing strong operating results sets First Hospitality apart.
We’re increasing our focus in this area and partnering with Ring on Hook to strengthen execution across the portfolio, from concept development and launch through training and ongoing performance optimization. The objective is to consistently deliver both memorable experiences and strong financial performance.
Does your company have a growth plan? Are there new markets you’d like to get into?
Over the past several years, our portfolio has expanded nationally. Today, we cover a significant portion of the U.S. market. Looking ahead, we see meaningful opportunity in the more dynamic growth markets, particularly across the Southeast and Southwest, including Florida, Georgia, Texas, California and Arizona. At the same time, we will continue building scale in markets where we operate today while thoughtfully entering new markets where the fundamentals and long-term outlook align with our strategy.
What do you like to do in your free time?
I’ve always had a strong appreciation for adrenaline. Whether it’s skiing, snowmobiling or anything else that requires speed and concentration, I enjoy being fully engaged. It’s a way to recharge and clear my head.
