Preferred Hotel Group Posts First-Quarter Results
Thursday April 24th, 2014 - 10:02AM HJ
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
CHICAGO—Preferred Hotel Group posted its first-quarter results showing the company generated a 19% increase in reservations revenue for its member hotels over the past three months when compared to the same period in 2013.
The company also released key findings regarding the increases in enrollments, spending and repeat stays that its iPrefer guest loyalty program has driven since transitioning to a points-based structure last year. During the first quarter, the company also welcomed 29 new hotels.
“Last month marked the tenth anniversary of my family taking ownership of Preferred Hotel Group, so we are proud to see strategic growth and other important milestones continuously achieved on behalf of our company and our member hotels,” stated Lindsey Ueberroth, president/CEO.
A major factor behind Preferred Hotel Group’s momentum during the first quarter was iPrefer, which, less than eight months since the debut of its points-based structure, has proven its ability to drive strong bottom-line benefits to independent hotels, according to the company.
Compared to pre-launch activity, the program has generated a 52% increase in member enrollment and a 120% increase in active members (members with at least one stay). In addition, iPrefer members have spent, on average, $110 more per booking at participating hotels than travelers who are not enrolled in the program. Since August 15, iPrefer reservations have shown an average stay value of $705, with the average stay value reaching $942 for iPrefer bookings at properties within the company’s Preferred Hotels & Resorts portfolio, the company noted.
Tags: Preferred Hotel Group • Hospitality • Ownership • Marketing/Promotions •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.