Preferred Hotel Group Posts First-Quarter Results
Thursday April 24th, 2014 - 10:02AM HJ
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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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.